eBook Show Me How Average rate of return The following data are accumulated by Patterson Inc. in evaluating two competing capital investment proposals: Amount of investment Useful life Estimated residual value Estimated total income over the useful life Project C $56,000 Project T $76,000 4 years 9 years 0 0 $7,840 $41,040 Determine the expected average rate of return for each project. Round your answers to one decimal place. Project C 3.5 X % Project T 6.0 X % Feedback Check My Work Divide the estimated average annual income by the average investment. Investment cost plus estimated residual value, divided by two, equals average investment. Check My Work > (G Next