How does the ARR differ from The ROI formula?

a. They are not different, both are calculated by dividing net operating income by initial investment

b.The denominator in each formula differs; accounting rate of return divides net operating income by initial investment, while return on investment divides net operating income by average invested assets

c.The numerator in each formula differs; accounting rate of return divides net operating income by average invested assets, while return on investment divides gross operating income by average investments

d. The numerator in each formula differs; accounting rate of return divides net operating income by initial investment, and return on investment divides gross operating income by initial investment