A company is considering a project with an initial capital outlay of $500,000. The project is expected to have average annual net income of $38,750, average annual cash flow of $160,000, and an average book value of $250,000. The company requires a 15% return on investment. What is the average accounting return for this project?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.