Problem $11\mathrm{.}05($Discounted Payback$)$

Project $L$ requires an initial outlay at $t=0$ of $$70,000,$ its expected cash inflows are $$16,000$ per year for $9$ years, and its WACC is $13\%.$ What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places.

$$ years Continue without saving