Check my work A machine can be purchased for $265,000 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. Net income Year 1 $11,000 Year 2 $31,000 Year 3 $72,000 Year 4 $41,500 Year 5 $119,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Year Beginning Book Value Annual Depr. (40% of Book Value) Accumulated Depreciation at Year-End Ending Book Value Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (265,000) $ (265,000) 11,000 31,000 72,000 41,500 119,000 Payback period = Payback period = {_ years years