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Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are $8,000 per year for 12 years, and its

Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are $8,000 per year for 12 years, and its WACC is 14%. What is the project's payback? Round your answer to two decimal places.

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