Joe's Hardware is adding a new product line that will require an investment of $ $1510000.$ Managers estimate that this investment will have a$10-$year life and generate net cash inflows of $ $300000$ the first$$ year, $ $290000$ the second$$ year, and $ $245000$ each year thereafter for eight years. The investment has no residual value. Compute the ARR for the investment.

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Part $1$

$$First$,$ enter the$$ formula, then compute the ARR of the new product line. $($Enter your answer as a percent rounded to two decimal$$ places.$)$