A machine can be purchased for $202,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied using a five-year life and a zero salvage value. Year 1 Net income $14,000 Year 2 $41,000 Year 3 $52,000 Year 4 $56,500 Year 5 $131,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Beginning Book Value Year Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (202,000) 0 $ 1 (202,000) 14,000 41,000 2 3 52,000 4 56,500 131,000 5 Payback period = years