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Sunland's 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.

Annual rate of return $$