A project requires an initial investment of Rs. 56,125 and its estimated salvage value is Rs. 3,000. The annual estimated income after depreciation and tax for its entire life of 5 years are Rs. 3,375, Rs. 5,375, Rs. 7,375, Rs. 9,375 and Rs. 11,375 respectively. Which one of the following is its average rate of return?
1
24.9%
2
124.94%
3
29.94%
4
60.88%