! Required information [The following information applies to the questions displayed below.] Project Y requires a $319,500 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.) Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Project Y $ 380,000 170,240 79,875 27,000 $ 102,885 2. Determine Project Y's payback period. Answer is complete but not entirely correct. Numerator: Initial investment Project Y $ Payback Period Denominator: Annual net cash flow Payback Period 319,500 $ 102,885 = 3.11 years