Cheyenne Company is considering investing in a new facility to extract and produce salt. The facility will increase revenues by

$$225,500,$ but it will also increase annual expenses by $$165,506.$ The facility will cost $$985,000$ to build, and it will have a $$25,000$

salvage value at the end of its useful life.

Calculate the annual rate of return on this facility. $($Round answer to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

Annual rate of return