Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data:

	Proposal X	Proposal Y
Investment	$11,100,000	$470,000
Useful life	5 years	5 years
Estimated annual net cash inflows for 5 years	$2,220,000	$103,000
Residual value	$54,000	$34,000
Depreciation method	Straight-line	Straight-line
Required rate of return	12%	10%

a) Calculate the payback period for Proposal X

b) Calculate the accounting rate of return for Proposal Y. (Round any intermediate calculations and your final answer to two decimal places.)