ABC Company is planning to purchase a machine that will cost $51,000. The new machine will have a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. $ 129,000 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (358) Net income $65,000 8,500 43,000 (116,500) $ 12,500 (4,375) $ 8,125 What is the payback period for this machine? Multiple Choice 1.93 year