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Vaughn Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $122,610 and

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Vaughn Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $122,610 and will increase annual expenses by $72,000 including depreciation. The owell will cost $471,000 and will have a $11,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to decimal places, .g. 13%.) Annual rate of return

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