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A shoe company is considering an investment project that requires an initial investment of $530,000 and returnsafter-tax cash inflows of $88,814 per year for 10

A shoe company is considering an investment project that requires an initial investment of $530,000 and returnsafter-tax cash inflows of $88,814 per year for 10 years. The company has a maximum acceptable payback period of 8 years.

a. Determine the payback period for this project.

b. Should the company accept theproject?

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