A machine can be purchased for $247,000 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 4 Year 1 $17,500 $28,000 $80,000 $58,000 $101,000 Year 2 Year 3 Year 5 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% Beginning Book Value Ending Book Value Accumulated Year of Book Value Depreciation at Year-End Annual Cash Flows Cumulative Cash Flow $ 247,000) Net Cash Flow Year Net income Depreciation 0 (247,000) 17,500 28,000 80,000 58,000 101,000 80,000 58,000 101,000 80,000 138,000 239,000 5 Payback period- years