Most Company has an opportunity to invest in one of two new projects. Project Y requires a $310,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $310,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1. FV of $1. PVA of $1, and FVA of $1 >(Use appropriate factor(s) from the tables provided.) Project Y Project 2 $400,000 $320,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (349) Net income 56,000 80,000 144,000 29,000 309,000 91,000 30,940 $ 60.060 40,000 48,000 144,000 29,000 261,000 59,000 20.060 $ 38,940 3. Compute each project's accounting rate of return