[The following information applies to the questions displayed below.] Project Y requires a $327,000 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, EV of $1, PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Project Y Sales of new product $ 370,000 Expenses Materials, labor, and overhead (except depreciation) 165, 760 Depreciation-Machinery 54, 500 Selling, general, and administrative expenses 26,900 Income $ 123, 740 2. Determine Project Y's payback period. Payback Period Numerator: 1 Denominator: Payback Period Project Y