Annual cash flow from a proposed small gold leaching operation is expected to be $360,000 per year for 8 years. Initial expenditure for plant and equipment is estimated to be $1.16 million. The salavage value of this investment is expected to be roughly $90,000. If the property is offered for sale for $450,000, calculate the approximate rate of return for this investnient. Assume that the property payment would be made immediately but that the remaining capital investment would be divided equally over a (wo-year preproduction period