Whispering Winds Company is considering a capital investment of $470,560 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash flows are expected to be $44,000 and $136,000, respectively. Whispering Winds has a 12% cost of capital rate, which is the minimum acceptable rate of return on the investment. (a) Compute the annual rate of return. (Round answer to 1 decimal place, eg. 15.5.) Annual rate of return Compute the cash payback period on the proposed capital expenditure. (Round answer to 2 decimal ploces, e.s. 15.25.) Cash payback period years