A machine can be purchased for $277.000 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 $11,880 $47,600 356,000 $55,000 $139,800 Compute the machine's payback period (ignore taxes) (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Beginning Book Value Year Ending Book Value 1 2. 3 4 5 Annual Cash Flows Year Nat income Depreciation Net Cash Flow Cumulative Cash Flow $ (277,000) 0 $ 1 2 3 (277,000) 11,000 47,000 56,000 55,000 139,000 56,000 55,000 139,000 56,000 111,000 250,000 4 5 Payback period years