E11-2 (Algo) Calculating Accounting Rate of Return, Payback Period [LO 11-1, 11-2] Bartlett Car Wash Co. is considering the purchase of a new facility. It would allow Bartlett to increase its net income by $75,637 per year. Other information about this proposed project follows: $374,440 Initial investment Useful life Salvage value 7 years $ 46,000 Assume straight line depreciation method is used. Required: 1. Calculate the accounting rate of return for Bartlett. (Round your percentage answer to 2 decimal places.) 2. Calculate the payback period for Bartlett. (Round your answer to 2 decimal places.) % 1. Accounting Rate of Return 2. Payback Period years