A machine can be purchased for $258,000 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. Net income Year 1 $14,500 Year 2 $28,000 Year 3 $73,000 Year 4 $53,500 Year 5 $112,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. Accumulated Beginning (40% of Book Depreciation at Book Value Value) Year-End Year Ending Book Value Annual Cash Flows Depreciation Net Cash Flow Year Net income Cumulative Cash Flow $ (258,000) $ (258,000) 14,500 28,000 73,000 53,500 112,000 73,000 53,500 112,000 73,000 126,500 238,500 Payback period = years