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A project requires a $2,820,000 initial investment for new machinery with a five- year life and a salvage value of $304,000. The project is

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A project requires a $2,820,000 initial investment for new machinery with a five- year life and a salvage value of $304,000. The project is expected to yield annual income of $195,250 per year and net cash flows of $702,000 per year for the next five years. The project's accounting rate of return is: Multiple Choice 22.9% 7.0% 12.5% 19.5% 45.7% 338

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