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The Novak Company is planning to purchase $521,900 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the

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The Novak Company is planning to purchase $521,900 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment. (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period years and months

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