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Find the Payback period for the following project: Project X Initial Outlay $8,500 Year 1 $3,330 Year 2 $3,490 Year 3 $3,700 Year 4 $5,600

Find the Payback period for the following project:

Project X

Initial Outlay $8,500

Year 1 $3,330

Year 2 $3,490

Year 3 $3,700

Year 4 $5,600

The answer should be calculated to two decimal places.

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