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John bought new kitchen equipment for his restaurant for a total of $56,000. The equipment has an expected life of 7 years. If the new

John bought new kitchen equipment for his restaurant for a total of $56,000. The equipment has an expected life of 7 years. If the new equipment represents an annual savings of $12,440, what is the payback period for the new van?

A. 8.4

B. 4.5

C. 7.0

D. 5.0

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