Shep Ltd is considering a possible four-year project. Details are as follows Initial outlay 200,000 Years 1 to 4, annual profit before depreciation 45,000 Years 1 to 4, annual profit after depreciation 27,500 Residual value of project at the end of 4 years 30,000 Calculate the Accounting Rate of Return Select one: a. 1 9.696 b, 23.9% c. 39.1 % d. 11.9%