Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $$260,000.$ A new salon will normally generate annual revenues of $$56,800,$ with annual expenses $($including depreciation$)$ of $$40,100.$ At the end of $15$ years the salon will have a salvage value of $$74,000.$

Calculate the annual rate of return on the project.

Annual rate of return $\%$