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. Year 1 Year 2 Year 3 Year 4 Year 5 Income $10,708 $26, 780 $57,808 $48, 180 $186, 809 Compute the machine's payback period. (Round payback perlod 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 28,700 Year 3 57,000 Year 4 40,100 Year 5 106,800 Payback period =