QUESTION 24 Davis Company is considering the purchase of a new piece of equipment that will cost $1,600,000 and have a life of five years with no expected salvage value. The expected cash flows associated with the project are as follows: Cash Revenueg $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 Cash Expenses & Year $900,000 900,000 $900,000 900,000 900,000 is the accounting rate of return for the project? a. 31.25% O b. 47.00% O c. 43.75% O d. 83.33% e. 37.50%