A machine can be purchased for $299,000 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 $16,500 Year 2 $37.900 Year 3 $60,000 Year 4 $42,000 Net income Year 5 $110,000 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 Year Beginning Book Value Ending Book Value 1 2 3 5 Annual Cash Flows Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow $ (299,000) 0 $ 1 2 (299,000) 16,500 37.000 60,000 42,000 110,000 3 4 60,000 42,000 110,000 60,000 102,000 212,000 5 Payback period - years