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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

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 $ 39,000 $ 62,000 $ 40,000 $ 101,000

Compute the machines payback period (ignore taxes). (Round payback period answer to 3 decimal places.)

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