A machine can be purchased for $282,000 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 $13,500 Year 2 $27,000 Year 3 $64,000 Year 4 $53,500 Year 5 $134,000 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 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (282,000) 0 $ (282,000) 13,500 27,000 64,000 53,500 134,000 64,000 53,500 134,000 64,000 117,500 251,500 Payback period = years