A machine can be purchased for $216,000 and used for five years, yielding the following net incomes. In projecting net incomes. double-declining depreciation is applied using a five-year life and a zero salvage value. Net income Year 1 $14,000 Year 2 Year 3 $41,000 $77,000 Year 4 $52,000 Year 5 $108,000 Compute the machine's payback period (ignore taxes) (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Year Beginning Book Value Annual Depr. (40% of Book Value) Accumulated Depreciation at Year-End Ending Book Value 1 2 3 4 5 Cumulative Cash Flow Annual Cash Flows Year Net income Depreciation Net Cash Flow 0 $ (216,000) $ 1 14,000 2 41,000 3 77,000 4 52.000 5 108,000 (216,000) Payback period: years