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1. Project L requires an initial outlay at t = 0 of $55,000, its expected cash inflows are $13,000 per year for 8 years, and

1. Project L requires an initial outlay at t = 0 of $55,000, its expected cash inflows are $13,000 per year for 8 years, and its WACC is 9%. What is the project's payback? Round your answer to two decimal places.

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