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. Year 1 Year 2 Year 3 Year 4 Year 5 Income $5,300 $13,300 $35,000 $19,900 $53,200 Compute the machines payback period. (Round payback period answer to 2 decimal places.)