A project requires a $$3,000,000$ initial investment for new machinery with a five$-$year life and a salvage value of $$340,000.$ The project is expected to yield annual income of $$248,830$ per year and net cash flows of $$720,000$ per year for the next five years. The project's accounting rate of return is:

Multiple Choice

$26\mathrm{.}0\%$

$5\mathrm{.}5\%$

$14\mathrm{.}9\%$

$20\mathrm{.}4\%.$

$49\mathrm{.}6\%$