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The accounting rate of return is calculated as: Multiple Choice Annual after-tax net income/Total investment. Annual after-tax net income/Annual average investment. Cash flows/Annual average investment.

The accounting rate of return is calculated as: Multiple Choice Annual after-tax net income/Total investment. Annual after-tax net income/Annual average investment. Cash flows/Annual average investment. Cash flows/Total investment. O Annual average investment/Annual after-tax net income

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