A machine can be purchased for $284,000 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 $23.000 $ 36.000 77.000 $44,000 $121.000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Beginning Book Value Annual Depr. (40 % of Book Value) Accumulated Ending Book Value Year Depreciation at Year-End 1 4 F Annual Cash Flows Cumulative Cash Flow Depreciation Year Net income Net Cash Flow (284,000) (284,000) 23,000 36.000 77,000 4 44.000 121,000 Payback period years