Lender Limited is considering investing in a new project. It is estimated that it will cost £100,000 to implement, and that the expected net profit after tax will be as follows: 

No residual value is expected. 

Required:

Calculate the accounting rate of return of the proposed project.

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Year 1 2 3 4 5 £ 18 000 47 000 65 000 65 000 30 000