Question 3 Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $ 300,000. A new salon will normally generate annual revenues of $ 64,570, with annual expenses (including depreciation) of $40,000. 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. Annual rate of return