Bartlett Car Wash Co. is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $88,778 per year. Other information about this proposed project follows: $416,800 Initial investment Useful life Salvage value 8 years $ 42,000 Assume straight line depreciation method is used. Required: 1. Calculate the accounting rate of return for Bartlett. (Round your percentage answer to 2 decimal places.) 2. Calculate the payback period for Bartlett. (Round your answer to 2 decimal places.) % 1. Accounting Rate of Return 2 Payback Period years