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Explain how to calculate the payback period for the following: A project has an initial cost of $46,525, expected net cash inows of $9.000 per

Explain how to calculate the payback period for the following:

A project has an initial cost of $46,525, expected net cash inows of $9.000 per year for 9 years, and a cost of capital of 11%. What is the project's payback period? Round your answer to two decimal places. years

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