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 $15.000 Net income Year 2 $34.000 Your $58,00 Year a $59.500 Years $110,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Your Beginning Book Value Annual Depr. (40% of Book Value) Accumulated Depreciation at Year-End Ending Book Value 1 (222.000) 2 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (222,000) 0 S 1 2 3 (222,000) 15,000 34,000 58,000 59,500 110,000 4 5 58,000 59,500 110,000 58,000 117,500 227,500 Payback period = years