You are evaluating an investment project costing $43,000 initially. The project will provide $3,000 in after-tax cash flows in the first year, $4,000 in the second year and $9,000 each year thereafter for 10 years. The maximum payback period for your company is 7 years.

Attempt 1/1 for 10 pts.

Part 1

What is the payback period for this project?