Prescott Corporation is considering an investment in new equipment costing $918,000. The equipment will be depreciated on a straightline basis over a tenyear life and is expected to have a residual value of $90,000. The equipment is expected to generate net cash inflows of $146,000 for each of the first five years and $114,000 for each of the last five years. What is the accounting rate of return associated with the equipment investment? (Round your answer to two decimal places.)