Required information Skip to question [The following information applies to the questions displayed below.] Project Y requires a $348,000 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 FVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Project Y Sales of new product $ 365,000 Expenses Materials, labor, and overhead (except depreciation) 163,520 DepreciationMachinery 69,600 Selling, general, and administrative expenses 26,000 Income $ 105,880 2. Determine Project Ys payback period.