Dickerson Co. is evaluating a project requiring a capital expenditure of $810,000. The project has an estimated life of 4 years and no salvage value. The estimated net income and net cash flow from the project are as follows: 
The company's minimum desired rate of return is 12%. The present value of $1 at compound interest of 12% for 1, 2, 3, and 4 years is 0.893, 0.797, 0.712, and 0.636, respectively.Determine the average rate of return on investment.
Definitions:
Voucher System
A control mechanism in accounting that uses vouchers to record transactions and ensure that every payment is properly authorized.
Net Method
Refers to an accounting practice of recording purchases or sales of inventory after all discounts have been applied, showing the net amount as the transaction value.
Purchases Discount
A deduction from the stated purchase price, often granted to encourage early payment or bulk buying.
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