Sheridan's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $$261,000.$ A

new salon will normally generate annual revenues of $$63,650,$ with annual expenses $($including depreciation$)$ of $$40,200.$ At the end of

$15$ years, the salon will have a salvage value of $$74,000.$

Calculate the annual rate of return on the project.

Annual rate of return

$\%$

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