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A engineering firm plans to buy new software to improve efficiency. The software has an initial cost of $16,000, and is expected to increase profit

A engineering firm plans to buy new software to improve efficiency. The software has an initial cost of $16,000, and is expected to increase profit by $1,000 per year. Determine the payback period for the software including the effect of interest using an MARR of 6%. Express your answer in years to the nearest whole year.

Answer is 55. Show all equations for positive feedback.

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