Payback period be the number of years it takes for a business to recover its investment in a project without considering the time value of money. For the purchase of an MRI by a healthcare provider with the following annual cash flows, calculate both the Cumulative Cash Flows and the Payback Period in years and months: Year Annual Cash Flows Cumulative Cash Flows 0 (53,000,000) ($3,000,000) 600,000 2 725,000 3 850,000 4. 950,000 5. 1,000,000 6. 1,250,000 7. 1,500,000 Payback Period = years months