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5. Problem 11.05 (Discounted Payback) eBook Problem Walk-Through Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are

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5. Problem 11.05 (Discounted Payback) eBook Problem Walk-Through Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are $11,000 per year for 9 years, and its WACC is 8%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places. years

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