A project requires a $2,800,000 initial investment for new machinery with a five-year life and a salvage value of $300,000. The project is expected to yield annual income of $199,950 per year and net cash flows of $700,000 per year for the next five years. The project's accounting rate of return is Multiple Choice 22.6% 6.5% 12.9% 19.4% 45.2%