A machine can be purchased for $272,000 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 $24,500 Year 2 $29,000 Year 3 $68,000 Year 4 $59,500 Year 5 $136,000 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 27 TS Annual Cash Flows Depreciation Net Cash Flow Year Cumulative Cash Flow $ (272,000) Net income $ (272,000) 24,500 0 1 68,000 59,500 136,000 Payback period = years