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What is the payback period for a project with the following characteristics, given a MARR of 10 percent? Initial Cost $20,000 Annual Benefits $8,000 Annual

What is the payback period for a project with the following characteristics, given a MARR of 10 percent?

Initial Cost $20,000 Annual Benefits $8,000 Annual Maintenance $2,000 in year 1 then increasing by $500 per year Salvage value $2,000 Useful Life 10 years

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