A machine can be purchased for $266,000 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 $16,500 Year 2 $ 29,000 Year 3 $71,000 Year 4 $50,500 Year 5 $139,000 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 Ending Book of Book Value) Depreciation at Year- End Value Year Annual Cash Flows Depreciation Net Cash Flow Year Cumulative Cash Flow $ (266,000) Net income $ (266,000) 16,500 29,000 71,000 50,500 139,000 71,000 50,500 139,000 71,000 121,500 260,500 Payback period = years