The net initial investment for a piece of construction equipment is $3,000,000. Annual cash inflows are expected to increase by $500,000 per year. The equipment has an 8-year useful life. What is the payback period?

Select one: a. 6.5 years b. 8 years c. 6 years d. 5 years

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Capital budgeting is a process of ______.

Select one: a. tracing overhead costs to products by focusing on the activities that drive costs b. making long-run planning decisions for investments in projects c. assigning identified costs to specific cost objectives or cost centers d. measuring an organization's operations, products, and services against those of competitors recognized as market leaders

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