Colin is analyzing a project and has gathered the following data. Based on this data, what is the average accounting rate of return? The project's assets will be depreciated using straight-line depreciation to a zero book value over the life of the project.

Year	Cash Flow	Net Income
0	-$278,000.00	$0.00
1	$84,000.00	$12,400.00
2	$93,000.00	$21,600.00
3	$91,000.00	$20,000.00
4	$98,000.00	$25,100.00

		7.14 percent
		13.88 percent
		14.23 percent
		27.45 percent
		31.21 percent