A machine can be purchased for $253,000 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 $14,500 Year 2 $35,000 Year 3 $60,000 Year 4 $40,000 Year 5 $110,000 Net income Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Beginning Book Value Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Year Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (253,000) 0 $ 1 (253,000) 14,500 35,000 2 3 60,000 60,000 40,000 4 40,000 60,000 100,000 210,000 5 110,000 110,000 Payback period = years