Project Y requires a $303,000 investment for new machinery with a six-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1)

Note: Use appropriate factor(s) from the tables provided.

Annual AmountsProject YSales of new product$ 355,000Expenses Materials, labor, and overhead (except depreciation)159,040DepreciationMachinery50,500Selling, general, and administrative expenses25,000Income$ 120,460

\\begin{tabular}{|l|l|l|l|l|l|l|} \\hline \\multicolumn{5}{|c|}{ Payback Period } \\\\ \\hline & Numerator: & 1 & Denominator: & & \\multicolumn{2}{|l|}{} \\\\ \\hline & & 1 & & \\( = \\) & Payback Period \\\\ \\hline Project \\( Y \\) & & & & \\( = \\) & & \\\\ \\hline \\end{tabular} \\begin{tabular}{|l|l|l|l|l|} \\hline Net Cash Flows & \beginarrayctextPresentValuetextofAnnuityat7 & \\( \\begin{array}{c}\\text { Present Value of Net } \\\\ \\text { Cash Flows }\\end{array} \\) \\\\ \\hline Years 1-6 & & & \\( = \\) & \\\\ \\hline Net present value & & \\\\ \\hline \\end{tabular}