A machine can be purchased for $244,000 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 $20,500 Year 2 $39,000 Year 3 $78,000 Year 4 $ 47,000 Year 5 $131,000 Net income Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense 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 Not Cash Flow Your Depreciation Not Income Cumulative Cash Flow $ (244,000) 0 $ 1 2 3 (244,000) 20,500 39,000 78,000 47,000 131,000 " 4 ch 5 years Payback period