Current Attempt in Progress

Crane Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $$123,465$

and will increase annual expenses by $$67,000$ including depreciation. The oil well will cost $$481,000$ and will have a $$10,000$ salvage

value at the end of its $10-$year useful life. Calculate the annual rate of return. $($Round answer to $0$ decimal places, e$.$g$.13\%.)$

Annual rate of return

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