Bartlett Car Wash Company is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $$81,368$ per year. Other information about this proposed project follows:

Initial investment

Useful life

Salvage value

$$38,810$

$7$ years

$$56,000$

Assume straight line depreciation method is used.

Required:

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.

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