Bartlett Car Wash Company is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $$75,892$ per year. Other information about this proposed project follows:

Initial investment $ $372,020$

Useful life $7$ years

Salvage value $ $44,000$

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.

Calculate the payback period for Bartlett.

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