Raas Hardware is adding a new product line that will require an investment of

$1,418,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $300,000 the first year,

$290,000 the second year, and $230,000 each year thereafter for eight years. Compute the payback period. Round to one decimal place.

Transcribed image text: Raas Hardware is adding a new product in that will require an investment of $1,418,000. Managers estimate that this investment will have a 10-year he and generate net cash inflows of $300,000 the first year, $290,000 the second year, and $230,000 each year thesafer for eight years. Compute the payback period. Round to one decimal place AND The payback in years