Raas Hardware is adding a new product line that will require an investment of $$1,418,000.$ Managers estimate that this investment will have a $10-$year life and

generate net cash inflows of $$300,000$ the first year, $$270,000$ the second year, and $$240,000$ each year thereafter for eight years. Assume the project has no

residual value. Compute the ARR for the investment. Round to two places.

Select the formula, then enter the amounts to calculate the ARR $($accounting rate of return$)$ for the new product line. $($Round ARR to the nearest hundredth

percent $[$two decimal places$],$ X$.$XX$\%.)$