A machine can be purchased for $297.000 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 $15.500 Year 2 $42.000 Year 3 $50.000 Year 4 $41.500 Year 5 $110.000 Net income Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Answer is complete but not entirely correct. Ending Year Book Value Computation of Annual Depreciation Expense Annual Depr. Accumulated Beginning (40% of Book Depreciation at Book Value Value) Year-End 297,000 118,800 118 800 178,200 71,280 190,080 106,920 42.768 232.848 64,152 25,661 258,509 38,491 (15,396) N- 178,249 106,920 64,152 38.491 Annual Cash Flows Year Net Income Depreciation Net Cash Flow - $ (297.000) 15,500 42,000 58,000 41,500 110,000 N 118,800 71,280 42,768 25,661 Cumulative Cash Flow $ (297,000) (162,700) (49,420) 51,348 118,509 213,113 134,300 113,280 100,768 67,161 94,604 (15,396) Payback period - 3.333 years