The following data concerns a proposed equipment purchase:

Cost	$	136,400
Salvage value	$	3,600
Estimated useful life		4	years
Annual net cash flows	$	45,700
Depreciation method	Straight-line

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

Multiple Choice

$68,200

$66,400

$34,100

$70,000

$45,350