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Find the Payback period for the following project: Project Y Initial Outlay $19,000 Year 1 $5,770 Year 2 $5,740 Year 3 $5,320 Year 4 $6,890

Find the Payback period for the following project:

Project Y

Initial Outlay $19,000

Year 1 $5,770

Year 2 $5,740

Year 3 $5,320

Year 4 $6,890

The answer should be calculated to two decimal places.

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