(28 Fargo Corp. is considering the purchase of a new piece of equipment. The equipment costs $51,600 and will have a salvage value of $6,600 after nine years. Using the new piece of equipment will increase Fargo's annual cash flows by $7,600. Fargo has a hurdle rate of 14% a. How much is Fargo's annual depreciation on the equipment? b. What is Fargo's projected annual increase in net income? Net Income c. What is the accounting rate of return for purchasing the new piece of equipment? (Round your answer to 2 decimal places.) Rate of Return %