Cullumber Corp. management is expecting a project to generate after-tax income of $76,300 in each of the next three years. The average book value of the project’s equipment over that period will be...

Cullumber Corp. management is expecting a project to generate after-tax income of $76,300 in each of the next three years. The average book value of the project’s equipment over that period will be $194,140. If the firm’s investment decision on any project is based on an ARR of 37.5 percent.

What is the project's accounting rate of return?

- Accounting rate of return is ?