Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Woodard Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $800,000. The NC equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Cash Expenses Year Cash Revenues 1 $1,600,000 $1,300,000 2 1,600,000 1,300,000 3 1,600,000 1,300,000 4 1,600,000 1,300,000 5 1,600,000 1,300,000 Required: Compute the payback period for the NC equipment. Round your answer to one decimal place. Payback period = years Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Woodard Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $800,000. The NC equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Year Cash Revenues Cash Expenses $1,016,000 1 $1,300,000 2 1,300,000 1,016,000 3 1,300,000 1,016,000 4 1,300,000 1,016,000 5 1,300,000 1,016,000 Required: Compute the NC equipment's ARR. Enter as a percent and round your answer to one decimal place. Accounting rate of return = %