Please show ALL work

Proposal X Proposal Y

Investment $850,000 $468,000

Useful Life 8 years 8 years

Est. Annual Net cash flows for 8 years $125,000 $78,000

Residual Value $40,000 $-

Depreciation Method Straight-Line Straight-Line

Required rate of return 14% 10%

1a. How long is the payback period for proposal X? Show all work

1b. What is the accounting rate of return for proposal Y? Show all work