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A project requires a $2,990,000 initial investment for new machinery with a five-year life and a salvage value of $338,000. The project is expected to yield annual income of $249,600 per year and net cash flows of $719,000 per year for the next five years. The project's accounting rate of return is: A. 15.0%. B. 25.8%. C. 20.3% D. 5.3%. E. 49.4%