A project has an initial cost of $52,000 and a four-year life. The company uses straight-line depreciation to a book value of zero over the life of the project. The projected net income from the project is $1,900, $1,800, $2,200, and $4,600 a year for the next four years, respectively. What is the average accounting return?

46.73%

20.19%

9.90%

10.10%

5.05%