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. Year 1 Year 2 Year 3 Year 4 Year 5 Net income $16,580 $48,000 $73,000 $38,088 $128,888 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expanse Annual Dopr. Beginning Accumulated Book Value (40% of Book Depreciation at Valus) Year End You Ending Book Value 1 3 4 5 Year Beginning Book Value (40% of Book Value) Depreciation at Ending Book Year-End Value 1 2 3 4 5 Year Cumulativo Cash Flow $ (272,000) 0 1 Annual Cash Flows Net Income Depreciation Not Cash Flow $ (272,000) 16,500 48,000 73,000 73,000 38,000 38,000 128,000 128,000 2 3 4 73,000 111,000 239,000 5 Payback period years