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 $21.8 million, which will be depreciated straight-line to zero over its four-year life.
If the plant has projected net income of $1, 975,000, $2, 225,000, $2, 194,000, and $1, 406,000 over these four years, what is the project's average accounting return (AAR)?
(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Average accounting return %