An initial capital of $25,000 was put up for a new project that will produce an annual income of $8,500 for 5 years and then will have a salvage value of $1,000 at that time. Annual expenses for its...

An initial capital of $25,000 was put up for a new project that will produce an annual income of $8,500 for 5 years and then will have a salvage value of $1,000 at that time. Annual expenses for its operation and maintenance amounts to $750. If money is worth 9% compounded annually, determine the project's ERR (in %, round-off to 5 decimal places).