A machine can be purchased for $80,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $16,000. Income Year 2 Year 1 Year 3 $5,300 $13,300 $35,000 Year 4 $19,900 Year 5 $53,200 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Net Cash Flow Initial invest $ (80,000) $ (80,000) Year 1 Year 2 $ 5,300 13,300 Year 3 35,000 Year 4 19,900 Year 5 53,200 0 0 Payback period