A company is planning to purchase a machine that will cost $57,600 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine? Sales $ 150,000 Costs: Manufacturing $ 73,000 Depreciation on machine 9,600 Selling and administrative expenses 54,000 (136,600 ) Income before taxes $ 13,400 Income tax (30%) (4,020 ) Net income $ 9,380