A project has an initial cost of $35,000 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 $1,100, $1,300, $1,600, and $1,800 a year for the next four years, respectively. What is the average accounting return?
5.14 percent
4.14 percent
16.57 percent
8.29 percent
4.82 percent