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A project has an initial cost of $ 4 5 , 0 0 0 , expected net cash inflows of $ 1 3 , 0

A project has an initial cost of $

45, 000,

expected net cash inflows of $

13, 000

per year for

9

years, and a cost of capital of

11 % .

What is the project's payback period? Round your answer to two decimal places.

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