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 $75,374 per year. Other information about this proposed project follows: Initial investment Useful lite Salvage value $371,300 7 years $ 43,000 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 Retum 2. Payback Period yours