M$11-5($Algo$)$ Calculating Accounting Rate of Return, Payback Period $[$LO $11-1,11-2]$

Blue Marlin Company is considering the purchase of new equipment for its factory. It will cost $$247,000$ and have a $$49,400$ salvage value in five years. The annual net income from the equipment is expected to be $$27,170,$ and depreciation is $$39,520$ 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.

$\backslash$table$[[$Accounting Rate of Return,,$\%$