A machine can be purchased for $248,000 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 Year2 $25,000 Year3 $73,000 $57,500 Year 1 Year 4 Year 5 Net income $16,000 $111, 000 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 Year Book Value Accumulated Ending Book Value of Book Value)Depreciation at Year-End 4 Annual Cash Flows Cumulative Cash Flow S (248,000) Year Net income Depreciation Net Cash Flow 0 S (248,000) 16,000 25,000 73,000 57,500 111,000 73,000 57,500 111,000 73,000 130,500 241,500 3 4 Payback period- years