Bartlett Car Wash Co. is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $53,000 per year. Other information about this proposed project follows: Initial investment Useful life $510,000 Salvage value 8 years $ 50,000 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.) Answer is complete and correct. Accounting Rate of Return 10.39 % 2. Calculate the payback period for Bartlett. (Round your answer to 2 decimal places.) > Answer is complete but not Payback Period 4.61 years