Exercise 24-3 Payback period computation; straight-line depreciation LO P1 A machine can be purchased for $220,000 and used for five years, yielding the following net incomes. In projecting net incomes, straight-line depreciation is applied, using a five-year life and a zero salvage value. Net income Year 1 $14,900 Year 2 $36,900 Year 3 $99,000 Year 4 $55,700 Year 5 $147,600 $1 Compute the machine's payback period (ignore taxes). (Round your intermediate calculations to 3 decimal places and round payback period answer to 3 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow (220,000) $ (220,000) 0 $ 14,900 36,900 99,000 55,700 147,600 Payback period =