Assume that an investment requires an initial outlay of $480,000 with no salvage value. The life of the investment is five years with the following yearly cash flows (in chronological sequence): $144,000, $144,000, $192,000, $144,000, and $240,000.

Required:

1. Calculate the annual net income for each of the five years:

Year 1: $fill in the blank 3b9fe9047fa9fa7_1

Year 2: $fill in the blank 3b9fe9047fa9fa7_2

Year 3: $fill in the blank 3b9fe9047fa9fa7_3

Year 4: $fill in the blank 3b9fe9047fa9fa7_4

Year 5: $fill in the blank 3b9fe9047fa9fa7_5

2. Calculate the following

Average net income (round to the nearest dollar) = $fill in the blank 3b9fe9047fa9fa7_6

Accounting rate of return (round to two decimal places): $fill in the blank 3b9fe9047fa9fa7_7