Colin is analyzing a 3-year project that has an initial cost of $199,800. This cost will be depreciated straight-line to

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Colin is analyzing a 3-year project that has an initial cost of
$199,800. This cost will be depreciated straight-line to zero over
three years. The projected annual net income for the three years is
$11,600, $15,900, and $17,200. If the discount rate is 12 percent,
what is the average accounting rate of return?
A.
15.66 percent
B.
13.94 percent
C.
15.31 percent
D.
14.91 percent
E.
14.75 percent
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