E$11-1($Algo$)$ Calculating Accounting Rate of Return, Payback Period $[$LO $11-1,11-2]$

Harwell Printing Company is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $$58,000$ per year. Other information about this proposed project follows:

$\backslash$table$[[$Initial investment,$$290,000$