Accounting Rate of Return

Uchdorf Company invested $9,000,000 in a new product line. The life cycle of the product is projected to be 7 years with the following net income stream: $360,000, $360,000, $600,000, $1,080,000, $1,200,000, $2,520,000, and $1,444,000.

Required:

Calculate the ARR. Enter your answer as a decimal, do not convert to a percent. Round your answer to two decimal places.

ARR=__________