A project produces annual net income of $10,000, $15,000, and $12,500 over its 3-year life and requires an initial investment in fixed assets of $200,000, and the fixed assets depreciated to zero by the end of the project. What is the average accounting rate of return?

Select one:

a. 12.50%

b. 13.71%

c. 14.62%

d. 13.98%

e. 14.32%