Problem: A machine can be purchased for $291,000 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.
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Year 1
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Year 2
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Year 3
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Year 4
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Year 5
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Net income
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$18,500
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$45,000
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$76,000
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$51,500
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$105,000
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Compute the machine's payback period (ignore taxes).
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