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3. A new Xerox copier costing $400,000 has a life of 5 years with no salvage value. The facility will generate the following annual cash

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3. A new Xerox copier costing $400,000 has a life of 5 years with no salvage value. The facility will generate the following annual cash flows: Year Cash Flows $120,000 $160,000 $200,000 $240,000 $280,000 Required: Compute the payback period in months

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