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Project L requires an initial outlay at t = 0 of $ 5 1 , 0 0 0 , its expected cash inflows are $

Project L requires an initial outlay at t

= 0

of $

51, 000,

its expected cash inflows are $

8, 000

per year for

12

years, and its WACC is

10 % .

What is the project's payback? Round your answer to two decimal places.

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