Exercise 24-8 Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $285,000. A new salon will normally generate annual revenues of $61,145, with annual expenses (including depreciation) of $41,400 At the end of 15 years the salon will have o salvage value of $74,000 Calculate the annual rate of return on the project. (Round answer to O decimal places, e.g. 125.) Annual rate of return Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 2 used