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5 . Project L has an initial required investment of $ 9 5 0 , 0 0 0 . The project will result in operating

5. Project L has an initial required investment of $950,000. The project will result in operating cash inflows of $200,000 per year for Years 1-3, $100,000 per year for Years 4-9, and have no cash flows in Year 10 and beyond. Calculate the payback period for Project L.

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