TB Problem Qu. 13-146 The management of Truelove Corporation...

The management of Truelove Corporation is considering a project that would require an initial investment of $350,990 and would last for 7 years. The annual net operating income from the project would be $29,500, including depreciation of $46,070. At the end of the project, the scrap value of the project's assets would be $28,500. (Ignore income taxes.):

Required:

Determine the payback period of the project.