A company is considering a project. The project requires new machinery at a cost of 140,000 which is expected to have a resale value of 40,000 at the end. Depreciation of 20,000 is to be charged each year. The expected cash flows from the project are as follows: Year 1 (12,890) Year 2 26,500 Year 3 39,750 Year 4 78,231 Year 5 68,090 The above cash flows are also considered to be representative of profit before depreciation. What is the accounting rate of return of the project (using average investment)? 81% 45% 59% 22%