Exercise $24-4($Algo$)$ Payback perlod, unequal cash flows, and depreclatlon adjustment LO P$1$

A machine can be purchased for $$120,000$ and used for five years, yielding the following income. This income computation includes

annual depreciation expense of $$24,000.$

Compute the machine's payback period. $($Round payback perlod answer to $2$ declmal places.$)$