A machine can be purchased for $235,000 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 Net $22,000 $30,000 $75,000 $50,500 $108,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Beginning Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Year Ending Book Value 235.000 Annual Cash Flows Depreciation Net Cash Flow Cumulative Cash Flow $ (235,000) O Year Net income $ (235,000) 22.000 30,000 75,000 50,500 108,000 75.000 50,500 108,000 75.000 125.500 233,500 Payback period = 1 years