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Joelle can purchase the exclusive rights to a licensed product for 5 years for $125,000. Expected profits are $30,000 in Year 1 $35,000 in Year

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Joelle can purchase the exclusive rights to a licensed product for 5 years for $125,000. Expected profits are $30,000 in Year 1 $35,000 in Year 2. $55,000 in Year 3, and $60,000 in Year 4. What is the payback period of this investment? Payback period year(s) and month(s)

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