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Blossom Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $120,215

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Blossom Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $120,215 and will increase annual expenses by $65,000 including depreciation. The oil well will cost $400.000 and will have a $9,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to O decimal places, eg. 13%) Annual rate of return %

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