Management at Paledrome Producers is considering the acquisition of a new machine that costs $470,000 and has a useful life of 5 years with no salvage value. The incremental net operating income and incremental net cash flows that would be produced by the machine are (Ignore income taxes.): Incremental Net Incremental Operating Income Net Cash Flows $ 156,000 Year 1 $ 78,000 Year 2 $ 84,000 $ 163,000 Year 3 $ 95,000 $ 175,000 Year 4 " $ 58,000 $ 160,000 Year 5 $ 100,000 $ 162,000 Assume cash flows occur uniformly throughout a year except for the initial investment. The payback period of this investment is closest to: (Round your answer to 1 decimal place.) Multiple Choice 4.1 years 2.1 years 5.0 years 2.9 years