Barbara is looking into purchasing a building for her new business. The building would cost $364,000 and have a life of 20 years. The building would have a salvage value of $34,000. She is estimating that the net operating cash flows will be $26,000. Determine the internal rate of return (IRR) and simple payback period of the building if the business will be subject to a 21% tax rate. (Round IRR answer to 2 decimal places, e.g. 52.75%.)