Calculate the accounting rate of return. (Round answer to 2 decimal places, e.g. 15.25%.)

Harry's Seafoodis considering the addition of a fish hatchery. Construction of the facility is estimated to cost $1,100,000 and will be depreciated over 10 years using the straight-line method. The hatchery is expected to have no estimated residual value. Harry's Seafood has a required rate of return of 12%. Incremental net income related to each year of the investment is as follows: Revenue $450,000 Expenses: Material cost $60,000 Labor 100,000 Depreciation 110,000 Other 10,000 280,000 Income before taxes 170,000 Income tax expense at 40% 68,000 Net income $102,000