A machine can be purchased for $160,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $32,000. Income Year 1 $10,700 Year 2 $26,700 Year 3 $57,000 Year 4 $40,100 Year 5 $106,800 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Net Cash Flow Initial invest $ (160,000) $ (160,000) Year 1 $ 10,700 Year 2 26,700 Year 3 57,000 Year 4 40,100 Year 5 106,800 0 0 Payback period =