A machine can be purchased for $218,000 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 $24,500 Year 2 $29,000 Year 3 $65,000 Year 4 $40,000 Year 5 $115,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. Accumulated Beginning (40% of Book Depreciation at Book Value Value) Year-End Year Ending Book Value 2 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow 0 $ (218,000) 1 2 $ (218,000) 24,500 29,000 65,000 40,000 115,000 3 4 5 Payback period years