1. The expected average rate of return for a proposed investment of $767,000 in a fixed asset, with a useful life of 4 years, straight-line depreciation, no residual value, and an expected total net income of $287,000 for the 4 years, is (round to two decimal points).

   a.13.90%

   b.9.36%

   c.37.42%

   d.18.71%