Lakeside Incorporated is considering replacing old production equipment with state$-$of$-$the$-$art technology that will allow production cost savings of $$5,000$ per month. The new equipment will have a five$-$year life and cost $$210,000,$ with an estimated salvage value of $$30,000.$ Lakeside$$s cost of capital is $9\%.$ Lakeside Incorporated uses a straight$-$line depreciation method.

Required:

Calculate the payback period and the accounting rate of return for the new production equipment.

Note: Round your answers to $2$ decimal places.