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3. Project L requires an initial outlay at t = 0 of $64,000, its expected cash inflows are $11,000 per year for 9 years, and

3. Project L requires an initial outlay at t = 0 of $64,000, its expected cash inflows are $11,000 per year for 9 years, and its WACC is 13%. What is the project's payback? Round your answer to two decimal places. years

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