$*4$ steps$*$

McKim Company is considering acquiring a manufacturing plant. The purchase price is $$1,000,000.$ The owners believe the plant

will generate net cash inflows of $$314,000$ annually. It will have to be replaced in $6$ years. Use the payback method to determine

whether McKim Company should purchase this plant. Round to one decimal place.

Select the formula, then enter the amounts to calculate the payback period for the plant. $($Round payback to one decimal place,

X$.$X$.)$

$=$

Payback