Pace Company is considering undertaking a project that would generate annual profits $($after depreciation$)$ of $$68,000$ for $5$ years. The initial outlay of the project is estimated to be $$800,000.$ It is also estimated that the scrap value of the residual from the project would fetch an amount of $$50,000$ at the end of the project.

What would be the Accounting Rate of Return $($ARR$)$ for this project?