A company is considering the purchase of a used printing press costing $38,400. The printing press would generate a net cash inflow of $20,000 a year for 5 years. At the end of 5 years, the press would have no salvage value. The company's cost of capital is 10 percent. The company uses straight-line depreciation. The project's accounting rate of return (rounded to the nearest percent) on the initial investment is
	32 percent.
	19 percent.
	39 percent.
	75 percent.