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Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase

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Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $235,000. The equipment will have an initial cost of $2,232,500 and have a 10 year life. There is no salvage value for the equipment. What is the payback period? Multiple Choice 10.00 years 9.50 years 105 years 487 years

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