Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Melnik Company wants to buy a new machine costing $900,000. The equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Year Cash Revenues Cash Expenses NMT $1,500,000 $1,200,000 1,500,000 1,200,000 1,500,000 1,200,000 1,500,000 1,200,000 1,500,000 1,200,000 Required: Compute the payback period for the equipment. If required, round your answer to one decimal place. Payback period = years