M11-5 (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 \\( \\$ 248,000 \\) and have a \\( \\$ 49,600 \\) salvage value in five years. The annual net income from the equipment is expected to be \\( \\$ 27,280 \\), and depreciation is \\( \\$ 39,680 \\) 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