A machine can be purchased for $222,000 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, Year 1 Year 2 Year Year 4 Year 5 Net income $25,000 $34,000 $58,000 $59,500 $110,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (405 Accumulated of Book Value) Depreciation at Year End Year Beginning Book Value Ending Book Value 1 2 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (222,000) 0 $ 2 (222,000) 15,000 34,000 58,000 59,500 110,000 4 58,000 59,500 110,000 58,000 117,500 227,500 5 Payback period years