I tried to solve Annual Rate Return but it keeps showing wrong answer. I did 14980/171200 = 8.75

Compute the annual rate of return for each project.

Problem 26-1A (Part Level Submission)

U3 Company is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows.

Project BonoProject EdgeProject ClaytonCapital investment $171,200$187,250$208,000 Annual net income:  Year  114,980 19,26028,890        214,980 18,19024,610        314,980 17,12022,470        414,980 12,84013,910        514,980 9,63012,840 Total$74,900 $77,040$102,720

Depreciation is computed by the straight-line method with no salvage value. The company’s cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.)