Drake Corporation is reviewing an investment proposal. The initial cost is $107,400. Estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is assumed to equal its book value. There would be no salvage value at the end of the investment's life. Year 1 2 3 Investment Proposal Book Annual Annual Value Cash Flows Net Income $70,300 $45,500 $8.400 43,000 40,300 13,000 22,000 36,000 15,000 8,700 29.200 15.900 0 26,210 17,510 4 5 Drake Corporation uses an 11% target rate of return for new investment proposals. What is the annual rate of return for the investment? (Round answer to 2 decimal places, eg. 10.50%) Annual rate of return for the investment 66.73 %