Problem:
A project has an initial cost of $32,000 and a 3-year life. The company uses straight-line depreciation to a book value of zero over the life of the project. The projected net income from the project is $1,200, $2,300, and $1,800 a year for the next 3 years, respectively.
Required:
Question: What is the average accounting return?
Note: Please provide full description.