Brewer Company is considering purchasing a machine that would cost $561,900 and have a useful life of 9 years. The machine would reduce cash operating costs by $88,708 per year. The machine would have a salvage value of $112,620 at the end of the project.

Required
a.	Compute the payback period for the machine. (Round your answer to 2 decimal places.)

Payback period

years

b.	Compute the simple rate of return for the machine