Mountain Frost is considering a new project with an initial cost of $235,000. The equipment will be depreciated on a straight-line basis to a zero-book value over the four-year life of the project. The projected net income for each year is $20,600, $21,500, $24,600, and $17,500, respectively. What is the average accounting return?

Multiple Choice:

a) 17.91%

b) 19.19%

c) 16.42%

d) 13.44%

e) 8.96%