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First Choice Carpets is considering purchasing new weaving equipment costing $714,000. The companys management has estimated that the equipment will generate cash inflows as follows:
First Choice Carpets is considering purchasing new weaving equipment costing $714,000. The companys management has estimated that the equipment will generate cash inflows as follows:
Year 1 $222,000
2 222,000
3 268,000
4 268,000
5 162,000
Considering the residual value is zero, calculate the payback period. (Round your answer to two decimal places.)
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