Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $286,000. A new salon will normally generate annual revenues of $68,500, with annual expenses (including depreciation) of $41,200. At the end of 15 years the salon will have a salvage value of $78,000. Calculate the annual rate of return on the project.

enter the Annual rate of return in percentages