A machine can be purchased for $237,000 and used for five years, ylelding 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 2 Net income $22,500 $32,000 $72,000 Year 4 $51,000 Year 5 $109,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Experise Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Year Beginning Book Value Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow $ (237.000) 0 + 2 $ (237,000) 22.500 32,000 72,000 51.000 109,000 3 4 5 Payback period years