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Curritt Company purchased equipment for $360,000 that is expected to generate cash inflows from operations of $108,000 in each of the next 5 years. The

Curritt Company purchased equipment for $360,000 that is expected to generate cash inflows from operations of $108,000 in each of the next 5 years. The machine will be depreciated on a straight-line basis with no salvage value.

What is the payback period for the investment by Curritt Company?

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