Rapp Hardware is adding a new product line that will require an investment of $1,418,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $310,000 the first year, $290,000 the second year, and $250,000 each year thereafter for eight years. Compute the payback period. Round to one decimal place. Note: Exercise S26-19 must be completed before Attempting Exercise S26-20. Refer to the Rapp Hardware information in Exercise E26-19. Assume the project has no residual value. Compute the ARR for the investment. Round to two places