Hady Corporation is considering purchasing a machine that would cost $$1,008,800$ and have a useful life of $8$ years. The machine would reduce cash operating costs by $$262,759$ per year. The machine would have no salvage value. $($Ignore income taxes.$)$

Required:

Compute the payback period for the machine.

Note: Round your answer to $2$ decimal places.

Compute the simple rate of return for the machine.

Note: Round your answer to $2$ decimal places.