A project has the following cash flow with a discount rate of 12%: Annual cash flows:

Year 0 $ -520,000

Year 1 $ 170,000

Year 2 $ 210,000

Year 3 $ 225,000

Year 4 $ 195,000

$520,000 is used in purchasing an equipment for the project only.

E. Find the Average Accounting Return, assuming that the cash flow shown is the income before tax and depreciation and ignoring the tax effects.