A new project has an initial cost of $133,000. The equipment will be depreciated on a straight-line basis to a book value of $39,000 at the end of the four-year life of the project. The projected net income each year is $14,000, $17,450, $22,100, and $13,900, respectively. What is the average accounting return?

• 19.61%

• 21.01%

• 25.36%

• 10.14%

• 23.18%