Brewer Company is considering purchasing a machine that would cost $285,120 and have a useful life of 5 years. The machine would reduce cash operating costs by $89,100 per year. The machine would have a salvage value of $107,180 at the end of the project. (Ignore income taxes.) Required: a. Compute the payback period for the machine. (Round your answer to 2 decimal places.) Payback period ______ years b. Compute the simple rate of return for the machine. (Round your intermediary answers to nearest whole dollar and your final answer to 2 decimal places. Omit the "%" sign in your response.) Simple rate of return ____ %