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Acme Hotels is considering an investment project that requires an initial investment of $403,000 and returns after-tax cash inflows of $77,044 per year for 8

Acme Hotels is considering an investment project that requires an initial investment of $403,000 and returns after-tax cash inflows of $77,044 per year for 8 years.

The firm has a maximum acceptable payback period of 6 years.

Determine the payback period for this project (round your years to 2 decimals).

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