Harwell Printing Company is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $$79,992$ per year. Other information about this proposed project follows:

Initial investment $ $396,000$

Useful life $6$ years

Salvage value $ $108,000$

Assume straight line depreciation method is used.

Required:

Calculate the accounting rate of return for Harwell.

Note: Round your percentage answer to $1$ decimal place.

Calculate the payback period for Harwell.