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Assume the following facts: A project will cost $45,000 to develop. When the system becomes operational, after a one-year development period, operational costs will be

Assume the following facts: A project will cost $45,000 to develop. When the system becomes operational, after a one-year development period, operational costs will be $9,000 during each year of the system's five-year useful life. The system will produce the benefits of $30,000 in the first year of operation, and this figure will increase by a compound 10% each year. What is the payback period for this project

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