Select Golf Products is considering whether to upgrade its equipment. Managers are considering two options. Equipment manufactured by Preston Inc. costs $1,000,000 and will last five years and have no residual value. The Preston equipment will generate annual operating income of $160,000. Equipment manufactured by Lakeside Limited costs $1,250,000 and will remain useful for six years. It promises annual operating income of $237,500, and its expected residual value is $100,000 Which equipment offers the higher ARR? First, enter the formula, then calculate the ARR (Accounting Rate of Return) for both pieces of equipment. (Enter the answer as a percent rounded to the nearest tenth percent.) Accounting Average annual operating income from assetvestment - rate of return Preston