A machine can be purchased for $269,000 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 $22,000 Year 2 Year 3 Year 4 Year 5 $42,000 $66,000 $42,500 $111,000 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 0 $ (269,000) $ (269,000) 1 22,000 2 42,000 3 66,000 4 42,500 5 111,000 Payback period = years