Harwell Printing Company is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $69,673 per year. Other information about this proposed project follows: Initial investment $ 361,000 Useful life 6 years Salvage value $ 103,000 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. Note: Round your answer to 2 decimal places.