22. The average net income of a project divided by the project's average book value is referred to as the project's A. required return. B. market rate of return C. internal rate of return. D. average accounting return. E. discounted rate of return. 3. An investment has an initial cost of $3.3 million. This investment will be depreciated by $900,000 a year over the three-year life of the project. So the average book value is $1.95 million. Should this project be accepted based on the average accounting rate of return if the required rate is 10.0 percent? Why or why not? Year Net Income $211,700 186,400 165.500 A. Yes, because the AAR is 10.0 percent B. Yes, because the AAR is less than 10.0 percent C. Yes, because the AAR is greater than 10.0 percent D. No, because the AAR is greater than 10.0 percent E. No, because the AAR is less than 10.0 percent