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 $252,000 and have a $50,400 salvage value in flve years. The annual net income from the equipment is expected to be $30,240, and depreciation is $40, 320 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