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Evaluating the investment using return on capital employed:
Annual depreciation charge = 1500000/5 = $300000
Average investment = 1500000/2 = $750000
Average annual accounting profit = 1359529/5 = $271906
Return on capital employed = 100 × (271906/ 750000) = 36%
Ever since the return on capital employed is greater than the hurdle rate of 20% the investment is financially acceptable.
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