Harwell Printing Co. is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $79,928 per year. Other information about this proposed project follows: Initial investment Useful life Salvage value $ 412,000 7 years $ 104,000 Assume straight line depreciation method is used. Required: 1. Calculate the accounting rate of return for Harwell. (Round your percentage answer to 1 decimal place.) 2. Calculate the payback period for Harwell. (Round your answer to 2 decimal places.) Accounting Rate of Return Payback Period % years 2