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Please show the formula and calculations, excel is not allowed. Project L requires an initial outlay at t = 0 of $68,000, its expected cash

Please show the formula and calculations, excel is not allowed.

Project L requires an initial outlay at t = 0 of $68,000, its expected cash inflows are $8,000 per year for 12 years, and its WACC is 11%. What is the project's payback (in years)? Round your answer to two decimal places.

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