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Cheyenne Company is considering investing in new equipment that will cost $504,480 with a 5-year useful life. The new equipment is expected to produce annual

Cheyenne Company is considering investing in new equipment that will cost $504,480 with a 5-year useful life.

The new equipment is expected to produce annual cost savings of $ 194,000 for the first two years and $224,000 for the last three years of its useful life.

Compute the cash payback period.

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