Sheridan Corp. mianagement is expecting a project to generate after$-$tax income of $$49,220$ in each of the next three years. The average book value of the project's equipment over that period will be $$265,370.$ The firm's investment decision on any project is based on an ARR of $37\mathrm{.}5$ percent. $($Round answer to $1$ decimal place, e$.$g$.5\mathrm{.}2\%.)$

What is the project's accounting rate of return?

Accounting rate of return is $\%$