A project has an initial cost of $76,000 and a four-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 $3,100, $2,400, $2,800, and $4,500 a year for the next four years, respectively. What is the average accounting return?
A. 16.84 percent
B. 11.88 percent
C. 4.21 percent
D. 8.42 percent
E. 34.61 percent