Richard Miller is evaluating a new ticketing system for his theater. The system will cost $311,100 and will save the theater $58,420 in annual cash operating costs. Richard expects the new system to last 10 years, at which time the system will have a salvage value of $24,000. If Richard purchases the new system, he will be able to sell his existing system for $14,000. (a) Calculate the accounting rate of return for the proposed ticketing system. Accounting rate of return % (b) Richard Miller wants to earn a minimum accounting rate of return of 9% on his projects. Should he invest in the new equipment? Richard Miller invest in the new equipment.