Exercise 16-8 Pina's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $315,000. A new salon will normally generate annual revenues of $62,895, with annual expenses (including depreciation) of $41,500. At the end of 15 years the salon will have a salvage value of $74,000 Calculate the annual rate of return on the project Annual rate of return