Putnam Industries is considering the purchase of a new machine. The machine has a cost of $150,000, and no residual value. The machine is expected to generate $120,000 of income over its 8-year life span. The company's hurdle rate is 15%. Compute the average rate of return (ARR) for this investment. [Enter your answer in the form of a decimal, not a percentage. For example, 15\% would be entered as 0.15.] 
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