A vapor power plant operates on a regenerative vapor power cycle with one closed feedwater heater. Steam enters the first turbine stage at 12 MPa, 600°C and expands to 0.7 MPa, where some of the steam is extracted and diverted to a closed feed water heater. Condensate exiting the feedwater heater as saturated liquid at 0.7 MPa passes through a trap into the condenser. The feedwater exits the heater at 12 MPa with a temperature equal to saturation temperature at 0.7 MPa. The condenser pressure is 8 kPa. What is the thermal efficiency of the cycle?