Mia Limited is considering upgrading its plant to expand it client base. The financial details of the investment proposal are as follows: Cost of plant R$4500000$ Import duty R $700000$ Installation cost R $250000$ Net cash flows Year $1-8$ R$1500000$ per annum $($excluding residual value$)$ Residual$/$scrap value R$1100000$ The company uses straight$-$line depreciation. The cost of capital for projects of similar risk is $18\%.$ Ignore taxation. Required: $1\mathrm{.}1$ Calculate the investment$$s Accounting Rate of Return