Clyde Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,600. The equipment will have an initial cost of $600,600 and have an 8 year life. The equipment has no salvage value. The hurdle rate is 10%. Ignore income taxes. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables.) a. What is the accounting rate of return? (Round your answer to 2 decimal places.)