Chapters 22, 23, and 24 i A project requires a $1,520,000 Initial Investment for new machinery. The project is expected to yield Income of $110,000 per year and net cash flows of $304,000 per year for the next five years. The project's payback period is Multiple Choice 5.4 years. 5.0 years. 3.7 years. 13.8 years. Saved 2.8 years.

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