81. The following data concerns a proposed equipment purchase:

Cost	$	144,000
Salvage value	$	4,000
Estimated useful life		4	years
Annual net cash flows	$	46,100
Depreciation method	Straight-line

Assuming that net cash flows are received evenly throughout the year, the accounting rate of return is (ignore income taxes):

Multiple Choice

62.3%.

32.0%.

15.0%.

7.7%.

5.0%.