Harwell Printing Company is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $50,615 per year. Other information about this proposed project follows:

Initial investment	$ 265,000
Useful life	4 years
Salvage value	$ 101,000

Assume the 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.