Bartlett Car Wash Co. is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $75,637 per year. Other information about this proposed project follows: $374,440 Initial investment Useful life Salvage value 7 years $ 46,000 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.) . X Answer is complete but not entirely correct. 1. Accounting Rate of Return Payback Period 2.20 X % 3.10 X years 2