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A new project has an initial cost of $184,000. The equipment will be depreciated on a...

A new project has an initial cost of $184,000. The equipment will be depreciated on a straight-line basis to a book value of $73,000 at the end of the four-year life of the project. The projected net income each year is $15,700, $18,300, $23,800, and $15,600, respectively. What is the average accounting return?

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Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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