Required information [The following information applies to the questions displayed below.) Project Y requires a $331,500 investment for new machinery with a five-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 FVA of $1) (Use appropriate factor(s) from the tables provided.) Project Y $ 380,000 Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation Machinery Selling, general, and administrative expenses Income 170, 240 66,300 27,000 $ 116,460 3. Compute Project Y's accounting rate of return. Accounting Rate of Return Numerator: 1 Denominator: Income $ 1 Average investment 116,460 / Accounting Rate of Return Project Y