Required information [The following information applies to the questions displayed below.)] Project Y requires a $301,500 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. EV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Project Y $360,000 161,280 75,375 26,000 $ 97,345 3. Compute Project Y's accounting rate of return. Answer is complete but not entirely correct. Accounting Rate of Return Numerator: Annual income Project Y Denominator: Average investment 97,345 301,500 Accounting Rate of Return 32.3