A machine can be purchased for $262,000 and used for five years, yielding the following net incomes. In project double-declining depreciation is applied, using a five-year life and a zero salvage value. Year 1 Year 2 Year 3 Year 4 $13,500 $31,000 $57,000 2,000 112,000 Year 5 Net income Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Beginning ear Book Valueo Accumulated Depreciation at Year-End Ending Book Value of Book Value) Annual Cash Flows Cumulative Cash Flow Year Net income Depreciation Net Cash Flow S (262,000) 0 (262,000) 13,500 31,000