A project requires a $$1,180,000$ initial investment for new machinery. The project is expected to yield income of $$119,000$ per year and net cash flows of $$200,000$ per year for the next five years. The project$$s payback period is:$5\mathrm{.}9$ years.$1\mathrm{.}7$ years.$9\mathrm{.}9$ years.$3\mathrm{.}7$ years.$4\mathrm{.}4$ years.