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 26.0% 5.5% 14.9% 20.4% 49.6%