5. A project has an initial cost of $48,000, which will be depreciated straight-line to zero over the 6-year life of the project. The annual net income for each of the 6 years is $3,800, $4, 100, $4,600, $3,900, $3,200, and $2, 400. The required return is 12.5 percent. What is the AAR? a. 9.88 percent b. 12.47 percent c. 13.20 percent d. 15.28 percent