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Tomlin Company spends $12,000 for a forklift with an estimated useful life of four years. The company expects annual savings of $4,000 per year for

Tomlin Company spends $12,000 for a forklift with an estimated useful life of four years. The company expects annual savings of $4,000 per year for four years, and a salvage value of $5,000 at the end of 4 years. What is the payback period?

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