A machine can be purchased for $240,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $48,000. Income Year 1 $16,300 Year 2 $40,300 Year 3 $111,000 Year 4 $60,900 Year 5 $161,200 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Net Cash Flow Initial invest $ (240,000) $ (240,000) Year 1 $ 16,300 Year 2 40,300 Year 3 111,000 Year 4 60.900 Year 5 161,200 0 Payback period