Sikes Hardware is adding a new product line that will require an investment of $1,454,000. Managers estimate that this investment will have a 10 -year life and generate net cash inflows of $310,000 the first year, $290.000 the second year, and $230,000 each year thereafter for eight yoars. Assume the project has no residual value. Compute the ARR for the irwestrent. Round to two places