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Pierres Hair Salon is considering opening a new location in French Lick, California. The cost...

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Accounting

Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $262,000. A new salon will normally generate annual revenues of $59,710, with annual expenses (including depreciation) of $40,900. At the end of 15 years the salon will have a salvage value of $80,000.

Calculate the annual rate of return on the project.

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