A project will cost $20,000 in total investment. The cash flows are as follows: Year 1: $5,000;

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A project will cost $20,000 in total investment. The cash flows are as follows: Year 1: $5,000; Year 2: $3,000; Year 3: $6,000; Year 4: $8,000; Year 5: $7,000 Assume that the cash flows are evenly distributed throughout the year. Calculate the exact payback period.