BACKE PRINTER VERSION Exercise 26-8 Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $308,000. A new salon will normally generate annual revenues of $67,220, with annual expenses (including depreciation) of $40,200. At the end of 15 years the salon will have a salvage value of $78,000. Calculate the annual rate of return on the project. (Round answer to O decimal places, e.g. 125 Annual rate of return