A company is evaluating three possible investments. Each uses the straight - line method of depreciation. The following information is provided by the company: Project A Project B Project C Investment $228,000 $54,000 $228,000 Residual value 0 30,000 28,000 Net cash inflows: Year 1 62,000 28,000 98,000 Year 2 62,000 19,000 68,000 Year 3 62,000 15,000 78,000 Year 4 62,000 12,000 38,000 Year 5 62,000 0 0 What is the accounting rate of return for Project C? (Round your answer to two decimal places.) A. 22.22% B. 13.16% C. 16.02% D. 16.67%