Pictured Rocks Mfg$.$ is considering purchasing a tool that would cost $$285,120$ and have a useful life of $5$ years. The tool would reduce cash operating costs by $$89,100$ per year. The tool would have a salvage value of $$107,180$ at the end of the places.

Compute the payback period $($in years$)$ for the tool.

Compute the simple rate of return for the tool.