Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $317,000. A new salon will normally generate annual revenues of $59,550, with annual expenses (including depreciation) of $39,900. 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 %