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E.12.3 investment in an item of equipment is $22,000. It has a five-year life and no salvage value and shirt one depreciation method is used

E.12.3 investment in an item of equipment is $22,000. It has a five-year life and no salvage value and shirt one depreciation method is used the equipment is expected to provide an annual savings of $2900, which does not include depreciation. What is the pay back period?

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