Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $303,000. A new salon will normally generate annual revenues of $62,920, with annual expenses (including depreciation) of $40,000. At the end of 15 years the salon will have a salvage value of $79,000. Calculate the annual rate of return on the project.(Round answer to 0 decimal places, e.g. 125.) Annual rate of return? _______ %