RobinsRobins Hardware is adding a new product line that will require an investment of $ $1$ comma $598$ comma $000$$$1,598,000.$ Managers estimate that this investment will have a$10-$year life and generate net cash inflows of $ $350$ comma $000$$$350,000$ the first$$year$,$ $ $320$ comma $000$$$320,000$ the second$$year$,$ and $ $280$ comma $000$$$280,000$ each year thereafter for $8$ years. Assume the project has no residual value. Compute the ARR for the investment. Round to two placesSelect the$$ formula, then enter the amounts to calculate the ARR$($accounting rate of$$ return$)$ for the new product line.$($Round ARR to the nearest hundredth percent$[$two decimal$$ places$],$ X$.$XX$\%.)$