I need to calculate Accounting rate of return
I know that it is Average Profit/Average investment
If project 1
cost is 1,000,000
and cash flows are Year 0 0
year 1 150,000
year 2 200,000
3 300,000
4 450,000
5 500,00

Project 2
year 0 0
year 1 400,000
year 2 240,000
year 3 140,000
year 4 40,000
year 5 40,000

1,000,000 1,000,000

150,000 400,000
200,000 240,000
300,000 140,000
450,000 40,000
50,000 40,000

1,150,000 860,000

150,000 -140,000

30,000 -28,000

3% p.a. -2.8% p.a.

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