Current Attempt in Progress Sheridan Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Depreciation is $10,000 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value of $4,400. Your answer is incorrect. Calculate the annual rate of return. (Round answer to 2 decimal places, e.g. 15.25\%.) Annual rate of return % eTextbook and Media Last saved 2 days ago. Attempts: 1 of 2 used Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes. Using multiple attempts will impact your score. 10% score reduction after attempt 1 (c) The parts of this question must be completed in order. This part will be available when you complete the part above