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Problem 11.04 (Payback Period) Question 14 of 20 Check My Work (3 remaining) eBook Problem Walk-Through Project L requires an initial outlay at t =

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Problem 11.04 (Payback Period) Question 14 of 20 Check My Work (3 remaining) eBook Problem Walk-Through Project L requires an initial outlay at t = 0 of $46,000, its expected cash inflows are $14,000 per year for 12 years, and its WACC is 13%. What is the project's payback? Round your answer to two decimal places. years

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