The expected average rate of return for a proposed investment of $4,860,000 in a fixed asset, using straight-line depreciation, a useful life of 20 years, no residual value, and an expected total income of $9,720,000 over the 20 years, is (round to two decimal places)

a.1.00%

b.20.00%

c.40.00%

d.10.00%