Shamrock Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Old Equipment New Equipment Cost $80,640 Cost $39,000 Accumulated depreciation $40,600 Estimated useful life 8 years Remaining life 8 years Salvage value in 8 years $4,600 Current salvage value $10,400 Annual cash operating costs $29,900 Salvage value in 8 years $0 Annual cash operating costs $35,100 Depreciation is $10,080 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value of $4,600. Calculate the annual rate of return. (Round answer to 2 decimal places, eg 15.25%) Annual rate of return