E27.8 (LO 5) Service Pierre's Hair Salon is considering opening a new location in French Lick, Cal- ifornia. The cost of building a new salon is $300,000. A new salon will normally generate annual reve- nues of $70,000, with annual expenses (including depreciation) of $41,500. At the end of 15 years the salon will have a salvage value of $80,000. Instructions Calculate the annual rate of return on the project. Calc