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 Year 2 Year 3 Year 4 Year 5 Net income $15,500 $41,800 $62,000 $53,500 $109,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Beginning Annual Depr. Accumulated Book Value (40% of Book Depreciation at Value) Year-End 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 2 $ (202,000) 15,500 41,000 62,000 53,500 109,000 3 4 5 Payback period years