Wildhorse's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $285,000. A new salon will normally generate annual revenues of $61,145, with annual expenses (including depreciation) of $41,400. 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 %

Wildhorse's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $285,000.A new salon will normatly generate anntuat revenues of $61,145, with anhuat expenses (fincluding depreciation) of $41,400. 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 retum