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Please be descriptive and show all work step-by-step. Payback A project has an initial cost of $45,000, expected net cash inflows of $12,000 per year

Please be descriptive and show all work step-by-step.

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Payback A project has an initial cost of $45,000, expected net cash inflows of $12,000 per year for 7 years, and a cost of capital of 13%. What is the project's payback period? Round your answer to two decimal places. years

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