The project currently being evaluated is anticipated to increase annual revenues by $70,000 per annum while also increasing annual operating expenses by $25,000 per annum. The required machinery will cost $184,000 to purchase, along with an additional $13,000 for installation and shipping. The machinery will be depreciated over a 7-year useful life to a $23,000 residual value. The firm's marginal tax rate is 30%. Assuming the firm's cost of capital is 13% per annum, what is the accounting rate of return of this project when using the initial investment method? ANSWER = Blank 1 (four decimal places)