A company is considering the purchase of a new machine for $54,400. Management predicts that the machine can produce sales of $37,600 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $19,200 per year plus depreciation of $9,600 per year. The company's tax rate is 40%. What is the approximate accounting rate of return for the machine?
19.4%
32.4%
16.2%
1.4%
52.9%