Your company is planning to purchase a new log splitter for its lawn and garden business. The new splitter has an initial investment of $222,000. It is expected to generate $30,000 of annual cash flows, provide incremental cash revenues of $180,828, and incur incremental cash expenses of $120,000 annually. What is the payback period and accounting rate of return (ARR)? Round your answers to 1 decimal place. Payback period years ARR %