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 $101,400. The equipment will have an initial cost of $601,400 and have an 8 year life. The equipment has no salvage value. The hurdle rate is 9%. 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.) Rate of Return %