Sandhill Corp. management is considering purchasing a machine that will cost $117,250 and will be depreciated on a straight-line basis over a five-year period. The sales and expenses (excluding depreciation) for the next five years are shown in the following table. The companys tax rate is 34 percent.

Year 1 Year 2 Year 3 Year 4 Year 5 Sales $128,450 $173,875 $245,455 $258,440 $265,125 Expenses $141,410 $132,488 $140,289 $148,112 $136,556

Sandhill will accept all projects that provide an accounting rate of return (ARR) of at least 45 percent. Calculate accounting rate of return. (Round answer to 1 decimal place, e.g. 15.2%.)