Bartlett Car Wash Company is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $$111,683$ per year. Other information about this proposed project follows:

Initial investment $ $517,050$

Useful life $10$ years

Salvage value $ $48,000$

Assume straight line depreciation method is used.

Required:

$1.$Calculate the accounting rate of return for Bartlett.

Note: Round your percentage answer to $2$ decimal places.

$2.$Calculate the payback period for Bartlett.

Note: Round your answer to $2$ decimal places.