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In: AccountingA machine can be purchased for $283,000 and used for five years,yielding the following net...A machine can be purchased for $283,000 and used for five years,yielding the following net incomes. In projecting net incomes,double-declining depreciation is applied, using a five-year lifeand a zero salvage value.Year 1Year 2Year 3Year 4Year 5Net income$21,000$30,000$73,000$41,000$122,000Compute the machine’s payback period (ignore taxes). (Roundpayback period answer to 3 decimal places.)
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