Table I Table II Future Value of a Series of $1.00 Cash Flows (Ordinary Annuity) r(1+r)n1 Required information [The following information applies to the questions displayed below.] The management of Niagara National Bank is considering an investment in automatic teller machines. The machines would cost $149,500 and have a useful life of seven years. The bank's controller has estimated that the automatic teller machines will save the bank $32,500 after taxes during each year of their life (including the depreciation tax shield). The machines will have no salvage value. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Compute the payback period for the proposed investment. (Round your answer to 1 decimal place.) Table III Present Value of $1.00(1+r)n1 Table IV Present Value of Series of $1.00 Cash Flows r1(1(1+rn)1)