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Turner Hardware is adding a new product line that will require an investment of $ 1 , 5 1 0 , 0 0 0 .

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Turner Hardware is adding a new product line that will require
an investment of $1,510,000. Managers estimate that this
investment will have a 10-year life and generate net cash
inflows of $315,000 the first year, $280,000 the second year,
and $240,000 each year thereafter for eight years. The
investment has no residual value. Compute the ARR for the
investment.
First, enter the formula, then compute the ARR of the new
product line. (Enter your answer as a percent rounded to two
decimal places.)
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