1) Managerial Accounting

Joe's Hardware is adding a new product line that will require an investment of $1,512,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $300,000 the first year, $290,000 the second year, and $240,000 each year thereafter for eight years. Compute the payback period. Round to one decimal place. The payback in years is