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Cullumber Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by$120,690 and will increase annual expenses by $68,000 including depreciation. The oil well will cost $468,000 and will have a$11,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to 0 decimal places,e.g. 13%.)
Annual rate of return %
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221 HW7 Ch 26 Ch 27
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