The Following Data Concerns a Proposed Equipment Purchase Assuming That Net Cash Flows Are Received Evenly Throughout the \quad

The following data concerns a proposed equipment purchase:
$\begin{array}{lr}\text{cost} & \quad & \$~ 278,000\\\text{Salvage value} & \quad & \$~ 6,000 \\\text{Estimated useful life} & \quad & 8~ \text{years}\\\text{Annual net cash flows} & \quad & \$ ~46,360\\ \text{Depreciation method} & \quad & \text{Straight-line}\\\end{array}$
Assuming that net cash flows are received evenly throughout the year,the accounting rate of return is:

A) 34.09%
B) 32.64%
C) 8.35%
D) 8.70%
E) 16.67%