A project has a first cost of $$770000,$ a salvage value of $22\mathrm{.}00\%$ of the first cost

after $3$ years, and annual $($GI$-$OE$)$ of $$260000.$ Assume the company has a $T_e$ of

$37\%.$

Determine the approximate after$-$tax rate of return $($ROR$).($Round the final answer to three decimal

places.$)$

The after$-$tax rate of return $($ROR$)$ is determined to be

$\%.$