Table III Present Value of $1.00_1 1(1n1) Future Value and Present Value Tables Table II Futuro V/al of a Sorioc of $1n Cach Flnus Inrelinany Annuitu (1+r)n1 Required information Exercise 16-35 Payback Period; Even Cash Flows (Section 3) (LO 16-1, 16-6, 16-8) [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 $148,050 and have a useful life of seven years. The bank's controller has estimated that the automatic teller machines will save the bank $31,500 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.) Exercise 16-35 Part 1 Required: 1. Compute the payback period for the proposed investment. (Round your answer to 1 decimal place.)