Hardware is adding a new product line that will require an investment of

$1,418,000.

Managers estimate that this investment will have a 10-year life and generate net cash inflows of

$330,000

the first year,

$280,000

the second year, and

$240,000

each year thereafter for eight years. Assume the project has no residual value. Compute the ARR for the investment. Round to two places.