(Answered) Exercise- pierres hair salon is considering opening a new

Accounting

Exercise- Pierre's Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $306,000. A new salon will normally generate annual revenues of $57,600, with annual expenses (including depreciation) of $38,600. At the end of 15 years the salon will have a salvage value of $74,000.

Calculate the annual rate of return on the project. (Round answer to 0 decimal places, e.g. 125.)

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