A new project has an initial cost of $142,000. The equipment will be depreciated on a straight-line basis to a book value of $45,000 at the end of the four-year life of the project. The projected net income each year is $14,300, $17,600, $22,400, and $14,200, respectively. What is the average accounting return?

Multiple Choice

• 9.65%

• 18.32%

• 21.87%

• 24.12%

• 19.62%