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1. Novak Company is considering the purchase of a new machine. The invoice price of the machine is $72,000, freight charges are estimated to be

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1. Novak Company is considering the purchase of a new machine. The invoice price of the machine is $72,000, freight charges are estimated to be $5,100, and installation costs are expected to be $6,600. The annual cost savings are expected to be $30,000 for 10 years. Calculate the cash payback period. ( 2 marks)

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