$17$

A project requires a $$818,000$ initial investment for equipment. The equipment is estimated to have an eight$-$year life and a salvage value of $$58,000.$ The project is expected to generate income of $$70,080$ per year and net cash flows of $$165,080$ per year for the next eight years. What is the project's accounting rate of return?

$\backslash$table$[[$Accounting Rate of Return$],[$Numerator:$,$I,Denominator:,$=,$Accounting Rate of Return$],[$Initial investment,$,1,$Annual income,$,=,$Accounting rat,of return$],[$s$,(24,920),,$$$,818,000*,=,(305),\%]]$

$*$Red text indicates no response wa$-$based calculation is incorrect; no points deducted.