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Blue Marlin Company is considering the purchase of new equipment for its factory. It will cost $246,000 and have a $49,200 salvage value in five years. The annual net income from the equipment is expected to be $27,060, and depreciation is $39,360 per year. Calculate Blue Marlin's accounting rate of return and payback period for the equipment. (Do not round intermediote colculations. Round your Payback Period to 2 decimal pleces.)