A machine can be purchased for $256,000 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 Year 3 Year 5 Year 2 Net income $109,000 $15,500 $35,000 $80,000 $38,500 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depareciation Expense Accumulated Depreciation at Year- End Ending Book Value Beginning Book Value Annual Depr. (40% of Book Value) Year 256,000 1 2 4 Annual Cash Flows Cumulative Year Net income Depreciation Net Cash Flow Cash Flow (256,000) (256,000) $ 0 1 15,500 35,000 2 80,000 3 80,000 80,000 4 38,500 38,500 118,500 109,000 109,000 227,500 Payback period years