The following data concerns a proposed equipment purchase:

Cost	$	151,600
Salvage value	$	4,400
Estimated useful life		4	years
Annual net cash flows	$	46,500
Depreciation method	Straight-line

The annual average investment amount used to calculate the accounting rate of return is:

Multiple Choice

$75,800

$73,600

$37,900

$78,000

$52,550