Exercise 26-8 Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $286,000. A new salon will normally generate annual revenues of $70,360, with annual expenses (including depreciation) of $41,400. 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. (Round answer to 0 decimal places, e.g. 125.) Annual rate of return % LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: APPLIED SKILLS