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A new proposed investment costs $ 9 0 1 6 4 and has installation cost of $ 5 8 1 5 . The after -

A new proposed investment costs $90164 and has installation cost of $5815. The after-tax proceeds from selling the old investment are $44025. The after-tax annual cashflows from the old investment are equal to $4048, while the after-tax cashflows from the new investment are $12171. Assuming both investments have an infinite useful life, what is the payback period for replacing the old investment with a new investment.

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