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Compute payback from a project with initial investment of $1,000 and cash flows of $300 for the next five years. Assume cash flows occur evenly

Compute payback from a project with initial investment of $1,000 and cash flows of $300 for the next five years. Assume cash flows occur evenly during the year, 1/365th each day. What is the payback period for this investment?

3.333 years

2.333 years

4.00 years

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