Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Blaylock Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $700,000. The NC equipment will last flve years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Required: Compute the payback period for the NC equipment. Round your answer to one decimal place. Payback period = years