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%.