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Vernon Aurline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used alrplanes. The first airplane is

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Vernon Aurline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used alrplanes. The first airplane is expected to cost $21,700,000; it will enable the company to increase its annual cash inflow by \$6,200,000 per year. The plane is expected to have a useful life of five years and no salvage value. The second piane costs and a zero salvage value Required o. Determine the payback period for each investment alternative and identify the altemative vernon should accept if the decision is based on the payback approach. (Round your answers to 1 decimal ploce.)

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