A machine can be purchased for $239,000 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 $17,500 Year 2 $ 47,000 Year 3 $55,000 Year 4 $52,000 Year 5 $117,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Year Beginning Book Value Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End 95,600 95,600 57,360 Ending Book Value 143,400 239,000 143,400 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (239,000) O $ 95,600 57,360 (239,000) 17,500 47,000 55,000 52,000 117,000 55,000 52,000 117,000 55,000 107,000 224,000 Payback period = 1 years