Project Y requires a $303,000 investment for new machinery with a five-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 EVA of $1) Note: Use appropriate factor(s) from the tables provided. Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Project Y $ 350,000 156,800 60,600 25,000 $ 107,600 2. Determine Project Y's payback period. Numerator: Project Y Payback Period Denominator: Payback Period 0