A machine can be purchased for $251,000 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 2 Year 3 Year 4 Year 5 Net income $14,000 $43,000 $50,000$52,000 $118,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% of Book Value) Beginning Book Value Accumulated n at Yea Ending Book Value ear Annual Cash Flows Cumulative Year Net income Depreciation Net Cash Flow 0 (251,000) 14,000 43,000 50,000 2,000 118,000 $ (251,000) Payback period years