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Swift Oil Company is considering investing in a new oil well. It is expected that...

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Accounting

Swift Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $122,000 and will increase annual expenses by $72,000 including depreciation. The oil well will cost $471,000 and will have a $11,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to 2 decimal places, e.g. 12.47.)

Annual rate of return

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