Carla Vista's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $$300,000.$ A

new salon will normally generate annual revenues of $$64,570,$ with annual expenses $($including depreciation$)$ of $$40,000.$ 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.