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Hamell Company has gathered the following data on a proposed investment project: Discount rate 10% Life of the project 10 years Initial investment $374,400 Annual

Hamell Company has gathered the following data on a proposed investment project:

Discount rate 10% Life of the project 10 years Initial investment $374,400 Annual cash inflows $78,000 Salvage value $0

The payback period for the proposed investment is closest to (Round your answer to 2 decimal places.):

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