ABC Corp. invests $550,000 this year in a five-year project. The investment will have the salvage value of $95,000. The performance of the project over the five-year span was as follows: At Year 1, the project had $255,000 in revenues, $35,000 in costs of goods sold, $32,000 in other operating expenses, and $20,000 in interest payments. The tax rate was "x"%. At Year 2, the project had $260,000 in revenues, $40,000 in costs of goods sold, $30,000 in other operating expenses, and $20,000 in interest payments. The tax rate was "x"%. At Year 3, the project had $270,000 in revenues, $38,000 in costs of goods sold, $33,000 in other operating expenses, and $20,000 in interest payments. The tax rate was "x"%. At Year 4, the project had $290,000 in revenues, $42,000 in costs of goods sold, $35,000 in other operating expenses, and $21,000 in interest payments. The tax rate was "x"%. At Year 5, the project had $295,000 in revenues, $46,000 in costs of goods sold, $36,000 in other operating expenses, and $21,000 in interest payments. The tax rate was "x"%. What is the "x" % of taxation under which the Average Accounting Return will be 20%? For the purpose of this question, assume the company will pay the same "x" percent of tax for the duration of the project. Hint: Set things up in Microsoft Excel as we have worked on in class. From that point on you should be able to set up each column to conduct a scenario or sensitivity analysis by toggling the value of each parameter.

A.) 27.77%

B.) 25.24%

C.) 22.62%

D.) 29.15%