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A company is considering a project with the following cash flows: . Initial investment: $135,000 Annual cash flows: $57,000 per year for 8 years Equipment

A company is considering a project with the following cash flows: . Initial investment: $135,000 Annual cash flows: $57,000 per year for 8 years Equipment refurbishment costs (at the end of 6 years): $29,000 Salvage value of equipment (at the end of 8 years): $6,000 What is the payback period for this project? (Round to two decimal places.)

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