Required information [The following information applies to the questions displayed below] Project Y requires a $310,500 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 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 Y $ 350,000 156,800 51,750 25,000 $ 116,450 2. Determine Project Y's payback period. Numerator: Project Y Payback Period Denominator: Payback Period