Ivanhoe Company is considering three long$-$term capital investment proposals. Each investment has a useful life of $5$ years. Relevant data on each project are as follows. $($c$)$

Your answer is incorrect.

Compute the annual rate of return for each project. $($Hint: Use average annual net income in your computation.$)($Round answers to

$2$ decimal places, e$.$g$.10\mathrm{.}50\%.)$

Attempts: $1$ of $3$ used

$\backslash$table$[[,$Project Bono,Project Edge,Project Clayton$],[$Capital investment,$$160,000,$$$190,000,$$$206,000],[$Annual net income:$],[$Year $1,15,120,19,440,29,160],[2,15,120,18,360,24,840],[3,15,120,17,280,22,680],[4,15,120,12,960,14,040],[5,15,120,9,720,12,960],[$Total$,$$$75,600,$$$77,760,$$$103,680]]$

Depreciation is computed by the straight$-$line method with no salvage value. The company's cost of capital is $15\%.($Assume that cash flows occur evenly throughout the year.$)$

Click here to view the factor table.