A new project has an initial cost of $151,000. The equipment will be depreciated on a straight-line basis to a book value of $51,000 at the end of the four-year life of the project. The projected net income each year is $14,600, $17,750, $22,700, and $14,500, respectively. What is the average accounting return?

Multiple Choice

20.74%

18.45%

17.22%

9.21%

23.03%