Cullumber's Hair Salon is considering opening a new location in French Lick, Cafifornia. The cost of building a new salon is $280,000.A new salon will normally generate annual revenues of $67,975, with annual expenses (fincluding depreciation) of $41,200. At the end of 15 years, the salon will havera salvage value of $77,000. Calculate the annual rate of return on the project. Annual rate of return \%