Joe's Hardware is adding a new produch line that wi require an investment of $1,418,000. Managers estimate that this investment will have a 10-year ilfe and generate net cash inflows of $325,000 the first year, 5270,000 the second year, and 5250,000 each year thereafler for eight years. The investment has no residual value. Compute the ARR for the investment. First, enter the formula, then compute the ARR of the new product line. (Enter your answer as a percent rounded to two decimal places.)