SouthCo is planning to purchase a new log splitter for its lawn and garden business. The new splitter has an initial investment of $$195,200.$ It is expected to generate $$32,000$ of annual cash flows, provide incremental cash revenues of $$34,748,$ and incur incremental cash expenses of $$12,300$ annually.

a$)$ What is the payback period? Please make sure your final answer$($s$)$ are accurate to $2$ decimal places.

Payback period $=,$ years

b$)$ What is the accounting rate of return $($ARR$)?$ Please make sure your final answer$($s$)$ are in percentage form and are accurate to $2$ decimal places. $($For example: $12\mathrm{.}34\%)$

ARR $=,\%$