A machine can be purchased for $292,000 and used for five years, ylelding the following net Incomes. In projecting n Incomes, double-declining depreciation is applied using a five-year life and a zero salvage value. net Net income Year 1 $20, see Year 2 $39,000 Year 3 $73,000 Year 4 $53,500 Year 5 $135,000 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 S (292,000) 0 $ 1 2 (292.000) 20.500 30,000 73.000 53,500 135,000 3 4 5 Payback period - years