A machine can be purchased for $220,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $44,000. Income Year 1 $14,900 Year 2 $36,900 Year 3 $99,000 Year 4 $55,700 Year 5 $147,600 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 $ (220,000) $ (220,000) Year 1 $ 14,900 Year 2 36,900 Year 3 99,000 Year 4 55,700 Year 5 147.600 Payback period