A project requires a $2,830,000 initial investment for new machinery with a five-year life and a salvage value of $306,000. The project is expected to yield annual income of $211,680 per year and net cash flows of $703,000 per year for the next five years. The projects accounting rate of return is:

Multiple Choice 23.1%. 6.0%. 13.5%. 19.5%. 45.9%.