Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $ 297,000. A new salon will normally generate annual revenues of $ 63,245, with annual expenses (including depreciation) of $ 39,000. 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

enter the annual rate of return in percentages rounded to 0 decimal places %