Blue Marlin Company is considering the purchase of new equipment for its factory. It will cost $244,000 and have a $48,800 salvage value in five years. The annual net income from the equipment is expected to be $26,840, and depreciation is $39,040 per year. Required: Calculate Blue Marlin's accounting rate of return and payback period for the equipment. Note: Do not round intermediate calculations. Round your Payback Period to 2 decimal places