A project that cost $$80000$ with a useful life of $5$ years is being considered. Straight$-$line depreciation is being used and salvage value is $$5000.$ The project will generate annual cash flows of $$20100.$ The annual rate of return is

$12\mathrm{.}0\%$

$47\mathrm{.}3\%.$

$13\mathrm{.}0\%.$

$14\mathrm{.}0\%.$