A project requires a $2,990,000 initial investment for new machinery with a five-year life and a salvage value of $338,000. The project is expected to yield annual income of $249,600 per year and net cash flows of $719,000 per year for the next five years. The projects accounting rate of return is: A. 49.4%. B. 5.3%. C. 15.0%. D. 20.3%. E. 25.8%.