A machine can be purchased for $273,000 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 $19, eee Year 2 $47,000 Year 3 $65,000 Year 4 $50,500 Year 5 $131,000 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 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (273,000) $ 0 1 2. (273,000) 19,000 47,000 3 65.000 4 50,500 131.000 5 Payback period = years