Original sentence: Accounting rate of return or ARR is a financial ratio used in capital budgeting.The ratio does not take into account the concept of time value of money.where ''Average investment =  (Book value at beginning of year 1 + book value at end of useful life) /2'.{UNDER PROGRESS}
Edited sentence: Accounting rate of return or ARR is a financial ratio used in capital budgeting  The ratio does not take into account the concept of time value of money.Average investment = (Book value at beginning of year 1 + book value at end of useful life) /2.Internal rate of return.Payback period