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John Deere is an American manufacturer of agricultural, construction, and forestry machinery. The company is considering the purchase of a new piece of equipment. The

John Deere is an American manufacturer of agricultural, construction, and forestry machinery. The company is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $216,000. The equipment will have an initial cost of $1,584,000 and have an 12-year life. If there is no salvage value of the equipment, what is the payback period?01:08:20Multiple Choice1.64 years7.33 years12.00 years4.55 years

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