Check my work A machine can be purchased for $243,000 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 $11,500 Year 2 $32,000 Year 3 $52,000 Year 4 $57,500 Year 5 $140,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. Accumulated Beginning (40% of Book Depreciation at Book Value Value) Year-End Year Ending Book Value 1 2 3 4 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (243,000) 0 1 2 $ (243,000) 11,500 32,000 52,000 57,500 140,000 3 4 52,000 57,500 140,000 52,000 109,500 249,500 5 Payback period years