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L-3 Communications Holdings has a project with initial investment requiring $-225,000 and the following cash flows will be generated for the following 5 years at

L-3 Communications Holdings has a project with initial investment requiring $-225,000 and the following cash flows will be generated for the following 5 years at the end of each year because of the project: $56,250; $50,000; $116,000; $86,000; and $62,000 respectively. If the required rate of return is 0.13, find the payback period (PB) of the project.

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