The Silverside Company is considering investing in two alternative projects Project 1 Project 2 Investment $500,000 $240,000 Useful life (years) 8 Estimated annual net cash inflows for useful life $120,000 $40,000 Residual value $32,000 $10,000 Depreciation method Straight-line Straight-line Required rate of return 11% What is the accounting rate of return for Project 2? (Round any intermediary calculations to the nearest dollar and round your final answer to the nearest hundredth of a percent. XXX%) It accounting rate of retum is used to select the project which project would be chosen? 8% Con B row EM ody O A. 2.38% and choose Project 1 OB. 2.98% and choose Project 2 OC. 2.98% and choose Project 1 OD. 238% and choose Project 2