Current Attempt in Progress Your answer is incorrect. Crane's 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 $64,160, with annual expenses (including depreciation) of $40,500. 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. Annual rate of return %