counting Rate of Return, Payback Period [LO 11-1, 11-2] Harwell Printing Co. is considering the purchase of new electronic printing equipment It would allow Harwell to increase its net income by $45,000 per year. Other information about this proposed project follows: Initial investment Useful life Salvege value $300,000 5 years $100,800 Assume straight line depreciation method is used Required: 1. Calculate the accounting rate of return for Harwell. 2. Calculate the payback perlod for Harwell. (Round your enswer to 2 decimel places.) Accounting Rate of Return Payback Period 15% 2 years