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The Higgins Company has just purchased a piece of equipment at a cost of $110,000. This equipment will reduce operating costs by $50,000 each year

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The Higgins Company has just purchased a piece of equipment at a cost of $110,000. This equipment will reduce operating costs by $50,000 each year for the next six years. This equipment replaces old equipment which was sold for $5,000 cash. The new equipment has a payback period of: (Round your answer to 1 decimal place.)

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