Beacon Company is considering automating its production facility. The initial investment in automation would be $$6\mathrm{.}61$ million, and the equipment has a useful life of $5$ years with a residual value of $$1,160,000.$ The company will use straightline depreciation. Beacon could expect a production increase of $40,000$ units per year and a reduction of $20$ percent in the labor cost per unit.

Required:

$2.$ Determine the project's accounting rate of return.

Note: Round your answer to $2$ decimal places.

Accounting rate of return