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Suppose a project has a $2,000,000 net investment and net cash flows (NCFs) of $700,000 annually for 7 years. If the investor's required rate of

Suppose a project has a $2,000,000 net investment and net cash flows (NCFs) of $700,000 annually for 7 years. If the investor's required rate of return is 10%, what is the payback of this project?

1. cannot be determined

2. two years and 11 months

3. three years

4. three years and 11 months

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