Exercise 16-8 Blue's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $301,000. A new salon will normally generate annual revenues of $60,435, with annual expenses (including depreciation) of $39,700. At the end of 15 years the salon will have a salvage value of $76,000. Calculate the annual rate of return on the project. Annual rate of return