A machine can be purchased for $228,000 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 3 Year 4 Year 5 $130,000 Net income $11,500 $32,000 $79,000 $56,500 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Beginning Book Value Annual Depr. (40% of Book Value) Accumulated Ending Book Value Year Depreciation at Year-End 91,200 91,200 1 228,000 136,800 54,720 145,920 2 136,800 3 4 5 Annual Cash Flows Cumulative Cash Flow Depreciation Net Cash Flow Year Net income 0 (228,000) $ (228,000) 11,500 91,200 32,000 54,720 79,000 79,000 79,000 st LO