A project requires a $2,910,000 initial investment for new machinery with a five-year life and a salvage value of $322,000. The project is expected to yield an annual income of $242,400 per year and net cash flows of $711,000 per year for the next five years. The projects accounting rate of return is Multiple Choice 15.0%. 19.9%. 24.5%. 4.9%. 47.7%.