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Project L requires an initial outlay at t = 0 of $ 4 9 , 0 0 0 , its expected cash inflows are $

Project L requires an initial outlay at t

= 0

of $

49, 000,

its expected cash inflows are $

15, 000

per year for

9

years, and its WACC is

13 % .

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

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