A machine can be purchased for $294,000 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 $10,500 Year 2 $46,000 Year 3 $76,000 Year 4 $53,500 Year 5 $132,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Beginning Book Value Year Ending Book Value Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (294,000) 0 $ (294,000) 10,500 46,000 76,000 53,500 132,000 Payback period =( years