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2. Determine Project Y's payback period. Required information Problem 11-2A (Algo) Payback period, accounting rate of return, net present value, and net cash flow calculation LO P1, P2, P3 [The following information applies to the questions displayed below.] Project \\( Y \\) requires a \\( \\$ 348,000 \\) investment for new machinery with a five-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of \\$1, EV of \\$1, PVA of \\$1, and FVA of \\$1) Note: Use appropriate factor(s) from the tables provided. 3. Compute Project Y's accounting rate of return