Required information Problem 24-2A (Algo) Payback period, accounting rate of return, net present value, and net cash flow calculation LO P1, P2, P3 The following information applies to the questions displayed below.) Project Y requires a $316,500 investment for new machinery with a four-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) (Use appropriate factor(s) from the tables provided.) Project Y $385,000 Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation Machinery Selling, general, and administrative expenses Income 172,480 79,125 28,000 $ 105,395 Problem 24-2A (Algo) Part 2 2. Determine Project Y's payback period. Numerator: Payback Period Denominator Payback Period Project Y