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Gojo Industries plans to expand its current manufacturing facility in Akron Ohio in response to demand for its products. The expansion project will require an

Gojo Industries plans to expand its current manufacturing facility in Akron Ohio in response to demand for its products. The expansion project will require an initial cash outlay of $72,000,000 and is expected to generate cash inflows from operations of $35,000,000 every year for the next five (5) years at which time the project will be closed and the facility and equipment sold for an expected $25,000,000. Gojo uses a required rate of return of 12.75% for this project. Calculate the project's Payback Period.

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