Most Company has an opportunity to invest in one of two new projects Project Y requires a $315,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $315,000 investment for new machinery with a three 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. EV of $1. PVA of $1. and EVA of S1 (Use appropriate factor(s) from the tables provided.) Project Project z $400,000 $320,00 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (28%) Net Income 56,000 80,000 144,000 29,000 309,000 91,000 25,480 65,520 40,000 40,000 144,000 29,000 261,000 59,000 16,520 $ 42,480 3. Compute each project's accounting rate of retum. Accounting Rate of Return Choose Numerator: 1 Choose Denominator: 1 Accounting Rate of Return Accounting rate of return 0 Project Y Project 0