Current Attempt in Progress Ivanhoe Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Depreciation is $10,200 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value of $5,000. Calculate the annual rate of return. (Round answer to 2 decimal places, e.g. 15.25\%.)