! Required information [The following information applies to the questions displayed below.] Project Y requires a $350,000 investment for new machinery with a four-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of $1, FV of $1, PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Project Y Sales of new product $ 350,900 Expenses Materials, labor, and overhead (except depreciation) 157 , 500 Depreciation-Machinery 87,500 Selling, general, and administrative expenses 49,900 Income $ 56,000 3. Compute Project Y's accounting rate of return. Accounting Rate of Return Numerator: Denominator: Annual income Average investment = Accounting rate of return Project Y $ 56,000 0