You're trying to determine whether or not to expand

your business by building a new manufacturing plant. The plant has an

installation cost of $12.5 million, which will be depreciated straight-line to

zero over its four-year life. If the plant has projected net income of

$1,368,000, $1,935,000, $1,738,000, and $1,310,000 over these four years,

what is the project's average accounting return (AAR)?