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Problem 10-05 Payback A project has an initial cost of $54,700, expected net cash inflows of $11,000 per year for 9 years, and a cost

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Problem 10-05 Payback A project has an initial cost of $54,700, expected net cash inflows of $11,000 per year for 9 years, and a cost of capital of 11%, what is the project's payback period? Round your answer to two decimal places ears

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