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Project Phoenix costs $1.25 million and yields annual cost savings of $200,000 for seven years. The assets involved in the project can be salvaged for

Project Phoenix costs $1.25 million and yields annual cost savings of $200,000 for seven years. The assets involved in the project can be salvaged for $100,000 at the end of the project. Ignoring taxes, what is the payback period for Project Phoenix?


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