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A project requires a $2,890,000 initial investment for new machinery with a five-year life and a salvage value of $318,000. The project is expected

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A project requires a $2,890,000 initial investment for new machinery with a five-year life and a salvage value of $318,000. The project is expected to yield annual income of $216,540 per year and net cash flows of $709,000 per year for the next five years. The project's accounting rate of return is: Multiple Choice 24.1% 6.3% 13.5%

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