12 Homework K Question 5 of 7 + Ashley Kuester 07/22/23 10:27 AM This test: 50 point(s) possible This question: 10 point(s) possible Robinson Hardware is adding a new product line that will require an investment of $1,418,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $320,000 the first year, $280,000 the second year, and $240,000 each year thereafter for eight years. Assume the project has no residual value. Compute the ARR for the investment. Round to two places. %% Submit test Select the formula, then enter the amounts to calculate the ARR (accounting rate of return) for the new product line. (Round ARR to the nearest hundredth percent [two decimal places], XXX%.) Average annual operating income Average amount invested ARR