Bartlett Car Wash Co. is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $68,881 per year. Other information about this proposed project follows: Initial investment Useful life Salvage value ed $331,160 6 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.) 2. Calculate the payback period for Bartlett. (Round your answer to 2 decimal places.) 1. Accounting Rate of Return 15.10% 2. Payback Period 2.86 years