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You are considering a project that requires a $20,000 initial investment, and estimate it will produce the following annual cash flows: Year 1: $5,000 Year

You are considering a project that requires a $20,000 initial investment, and estimate it will produce the following annual cash flows:

Year 1: $5,000

Year 2: $6,000

Year 3: $6,000

Year 4: $5,000

Year 5: $3,000

With a cost of capital of 8%, what is this projects discounted payback period?

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