CJN Corporation is evaluating a project requiring a capital expenditure of $$806,250.$ The

project has an estimated life of four years with no residual value at the end of the four

years. The estimated net income and net cash flow from the project are as follows:

The company's minimum desired rate of return is $12\%.$ The present value of $$1$ at

compound interest of $12\%$ for $1,2,3,$ and $4$ years is: $\mathrm{.}893,\mathrm{.}797,.712,$ and $\mathrm{.}636,$

respectively. Round all answers to two decimal places.

Determine: $($a$)$ the average rate of return on investment, and $($b$)$ the net present value.

$($a