Required information [The following information applies to the questions displayed below] Project Y requires a $350,000 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. EV of $1. PVA of $1. and EVA of S1) (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 V $350,000 157,500 87,500 49,000 $ 56,000 2. Determine Project Y's payback period. Numerator: Project Y Payback Period Denominator: N Payback period