Your company is planning to purchase a new log splitter for its lawn and garden business. The new splitter has an initial investment of $65,000. It is expected to generate $10,000 of annual cash flows, provide incremental cash revenues of $118,070, and incur incremental cash expenses of $100,000 annually. What is the payback period and accounting rate of return (ARR)? Round your answers to 1 decimal place. Payback period 2.3 X years ARR 28.1 X% Feedback Check My Work The annual cash flows can be used to determine the number of years. The net income amount is used, along with the initial investment, to determine the accounting rate of return. Your company is planning to purchase a new log splitter for its lawn and garden business. The new splitter has an initial investment of $65,000. It is expected to generate $10,000 of annual cash flows, provide incremental cash revenues of $118,070, and incur incremental cash expenses of $100,000 annually. What is the payback period and accounting rate of return (ARR)? Round your answers to 1 decimal place. Payback period 2.3 X years ARR 28.1 X% Feedback Check My Work The annual cash flows can be used to determine the number of years. The net income amount is used, along with the initial investment, to determine the accounting rate of return