Question Content Area Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Woodard Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $800,000. The NC equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Year Cash Revenues Cash Expenses1$1,600,000 $1,292,000 21,600,000 1,292,000 31,600,000 1,292,000 41,600,000 1,292,000 51,600,000 1,292,000 Required: Compute the NC equipment's ARR. Enter as a percent and round your answer to one decimal place. Accounting rate of return = fill in the blank 1 of 1 %