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Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $500,000, a 7-year life, and $150,000

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Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $500,000, a 7-year life, and $150,000 salvage value. The increase in net income each year of the equipment's life would be as follows: What is the payback period

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