Green Meadows Foundation (GMF), a tax-exempt organization, invested P200,000 in a five-year project at the beginning of the year.GMF estimates that the annual cash savings from this project will amount to P65,000.Tax and book depreciation on the project will be P40,000 per year for five years.On investments of this type, GMF's desired rate of return is 12%.Information on present value factors is as follows:

At 12% At 14% At 16%

Present value of P1 for 5 periods 0.57 0.52 0.48

Present value of an annuity of 1 for 5 periods 3.6 3.4 3.3

For the project's first year, GMF's accounting rate of return, based on the project's average book value would be?