Williams company is evaluating a project requiring a capital expenditure of $480,000. The project has an estimated life of 4 years and salvage value at the end of year 4 is $20,000. The estimated net income and net cash flow from the project are as follow:

Year	Net Income	Net cash flow
1	90,000	210,000
2	80,000	200,000
3	40,000	160,000
4	30,000	150,000
Total	$240,000	720,000

The company's minimum desired rate of return for net present value analysis is 15%.

Determine (a) the accounting rate of return on investment, and (b) the net present value. Use the following factors for years 1 through 4 respectively: .870, .756, .658, .572.