Harwell Printing Company is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $46,800 per year. Other information about this proposed project follows: Initial investment Useful life Salvage value $ 240,000 3 years $ 105,000 Assume straight line depreciation method is used. Required: 1. Calculate the accounting rate of return for Harwell. Note: Round your percentage answer to 1 decimal place. 2. Calculate the payback period for Harwell. Note: Round your answer to 2 decimal places. 1. Accounting Rate of Return 2. Payback Period % years