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.$)$