A company is considering a project with an initial capital outlay of $600,000. The project is expected to have average annual net income of $49,500, average annual cash flow of $200,000, and an average book value of $300,000. The company requires a 16% return on investment. What is the average accounting return for this project?

Do not round intermediate calculations. Round final answer to two decimal places.

Please show all your work and show your steps. Clearly explain your answer and the steps you take. If writing, please write neatly, no cursive, and write in a linear fashion.