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Carla Vista's Hair Salon is considering opening a new location in French...

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Accounting

Carla Vista's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $300,000. A
new salon will normally generate annual revenues of $64,570, with annual expenses (including depreciation) of $40,000. At the end of
15 years, the salon will have a salvage value of $78,000.
Calculate the annual rate of return on the project.
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