A project requires an initial investment of $$220,000,$ which will be depreciated on a straight$-$line basis over $4$ years to a zero book value. A $20$ percent average accounting return $($AAR$)$ and a $15$ percent internal rate of return $($IRR$)$ have been assigned to the project. The estimated annual net income from the project is $$18,100,$$$20,500,$$$21,500,$ and $$22,500,$ respectively. Which one of the following statements is correct concerning this project?

The AAR exceeds the requirement, so the project should be accepted.

The average book value that should be used in the AAR computation is $$55,000.$

The AAR will be the same regardless of the depreciation method selected.

The project should be accepted because the IRR exceeds the requirement.

The project should be rejected based on the available information.