A company that manufactures recreational pedal boats has approached Joseph Cichanowski to ask if he would be interested in usir Current Designs' rotomold expertise and equipment to produce some of the pedal boat components. Joseph is intrigued by the ide. and thinks it would be an interesting way of complementing the present product line. One of Joseph's hesitations about the proposal is that the pedal boats are a different shape than the kayaks that Current Designs produces. As a result, the company would need to buy an additional rotomold oven in order to produce the pedal boat components. This project clearly involves risks, and Joseph wants to make sure that the returns justify the risks. In this case, since this is a new venture, Joseph thinks that a 15% discount rate is appropriate to use to evaluate the project. As an intern at Current Designs, Joseph has asked you to prepare an initial evaluation of this proposal. To aid in your analysis, he ha provided the following information and assumptions. 1. The new rotomold oven will have a cost of $236,000, a salvage value of $0, and an 8 -year useful life. Straight-line depreciation will be used. 2. The projected revenues, costs, and results for each of the 8 years of this project are as follows. Click here to view the factor table. (a) Compute the annual rate of return. (Round answer to 2 decimal places, e.g. 15.25\%.)