Question - Haley's Hair Salon is considering opening a new location in Pompador, California. The cost of building a new salon is $306,700. A new salon will normally generate annual revenues of $70,700, with annual expenses (including depreciation) of $40,800. At the end of 15 years the salon will have a salvage value of $75,100. Calculate the annual rate of return on the project. (Round answer to 0 decimal places, e.g. 125.)