Prescott Corporation is considering an investment in new equipment costing

$920,000.

The equipment will be depreciated on a

straightline

basis over a

tenyear

life and is expected to have a residual value of

$106,000.

The equipment is expected to generate net cash inflows of

$150,000

for each of the first five years and

$138,000

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.)