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The initial outlay or cost is $ 2 , 5 0 0 , 0 0 0 for a four - year project. The respective future

The initial outlay or cost is $2,500,000 for a four-year project. The respective future cash inflows for years 1,2,3 and 4 are: $800,000, $900,000, $500,000 and $400,000. What is the payback period without discounting cash flows?

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