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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 $301,000. A new salon will normally generate annual revenues of $60,435, with annual expenses (including depreciation) of $39,700. At the end of 15 years the salon will have a salvage value of $76,000. Calculate the annual rate of return on the project. (Round answer to 0 decimal places, e.g. 125.)

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