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Riverbed's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $280,000. A new salon will normally generate annual revenues of $67,975, with annual expenses (including depreciation) of $41,200. At the end of 15 years the salon will have a salvage value of $77,000. Calculate the annual rate of return on the project. Annual rate of return