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3. Problem 11.04 (Payback Period) eBook Problem Walk-Through Project L requires an initial outlay at t = 0 of $53,000, its expected cash inflows are

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3. Problem 11.04 (Payback Period) eBook Problem Walk-Through Project L requires an initial outlay at t = 0 of $53,000, its expected cash inflows are $8,000 per year for 12 years, and its WACC is 14%. What is the project's payback? Round your answer to two decimal places. years

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