Required information [The following information applies to the questions displayed below.] Project Y requires a $348,000 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) (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 $ 390,000 174,720 58,000 28,000 $ 129,280 2. Determine Project Y's payback period. Project Y Numerator: Payback Period Denominator: = Payback Period =