Malkind Hardware is adding a new product line that will require an investment of $1,512,000. Managers estimate that this investment will have a 10 year life and generate net cash inflows of $330,000 the first year, $270,000 the second year, and $250,000 each year thereafter for eight years. Assume the project has no residual value. Compute the ARR for the investment. Around to two places