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A company is considering investing in a new equipment that will cost the company $2,461 at time=0. The after-tax cash flows are expected to be

A company is considering investing in a new equipment that will cost the company $2,461 at time=0. The after-tax cash flows are expected to be $476 each year for 19 years. What is the payback period?

Enter your answer rounded off to two decimal points.

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