A machine can be purchased for $293,000 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 Net income $14,500 Year 2 $36,000 Year 3 $66,000 Year 4 $38,500 Year 5 $126,000 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 Depreciation Net Cash Flow Year 0 Cumulative Cash Flow $ (293,000) Net income $ (293,000) 14,500 36,000 66,000 38,500 126,000 Payback period = 1 years