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A small town in Ohio is considering the purchase of a new parking system that would enhance the collection of parking fees while providing additional
A small town in Ohio is considering the purchase of a new parking system that would enhance the collection of parking fees while providing additional convenience to shoppers. The hardware requires an immediate investment of $1300. The town estimates that the new system will create an annual cash flow of $491 to be received at the end of each year, beginning in one year, for 5 consecutive years. And, in addition, the project will produce a terminal cash flow in year 6 of $591. What is the payback, in years, of the computer package? Years Place your answer in number of years, as an integer (whole number)
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