Required information [The following information applies to the questions displayed below.] Falcon Crest Aces (FCA), Inc., is considering the purchase of a small plane to use in its wing-walking demonstrations and aerial tour business. Various information about the proposed investment follows: Initial investment Useful life Salvage value Annual net income generated FCA's cost of capital $ 130,000 10 years 10,000 $ 3,200 9% Assume straight line depreciation method is used. Required: Help FCA evaluate this project by calculating each of the following: 1. Accounting rate of return. (Round your answer to 2 decimal places.) Accounting Rate of Return 2. Help FCA evaluate this project by calculating each of the following: Payback period. (Round your answer to 2 decimal places.) Payback Period years