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 $284,000. A new salon will normally generate annual revenues of $60,490, with annual expenses (including depreciation) of $40,800. 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. (Round answer to o decimal places, e.g. 125.) Annual rate of return LINK TO TEXT VIDEO: SIMILAR EXERCISE