Blue Marlin Company is considering the purchase of new equipment for its factory. It will cost $$253,000$ and have a $$50,600$ salvage value in five years. The annual net income from the equipment is expected to be $$30,360,$ and depreciation is $$40,480$ per year.

Calculate Blue Marlin$$s accounting rate of return and payback period for the equipment. $($Do not round intermediate calculations. Round your Payback Period to $2$ decimal places.$)$