1. Determine the average rate of return for a project that is estimated to yield total income of $224,960 over four years, has a cost of $515,000, and has a $77,000 residual value. Round to the nearest whole number.

____%

2. A project has estimated annual net cash flows of $48,000. It is estimated to cost $273,600.

Determine the cash payback period. Round your answer to one decimal place.

____years