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Beacon Company is considering automating its production facility. The initial investment in automation would be $$7\mathrm{.}40$

million, and the equipment has a useful life of $6$ years with a residual value of $$1,040,000.$ The company will use straight$-$

line depreciation. Beacon could expect a production increase of $36,000$ units per year and a reduction of $20$ percent in

the labor cost per unit.

Determine the project's payback period. $($Round your answer to $2$ decimal places.$)$