Engles Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $125,920 and will increase annual expenses by $82,970 including depreciation. The oil well will cost $460,670 and will have a $10,870 salvage value at the end of its 12-year useful life. Calculate the annual rate of return. (Round your answer to 1 decimal place, e.g. 5.1.) %