A machine can be purchased for $255,000 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 $11,000 Year 2 $25,000 Year 3 $57,000 Year 4 $50,000 Year 5 $124,000 Net income Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Year Beginning Book Value Annual Depr. (40% of Book Value) Accumulated Depreciation at Year-End Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (255,000) 0 (255,000) 11,000 2 25,000 3 57,000 4 57,000 50,000 124,000 50,000 57,000 107,000 231,000 5 124,000 Payback period years