Question: Robinson Hardware is adding a new product line that will require an investment of ($1,550,000). Managers estimate that this investment will have a 10-year life

Robinson Hardware is adding a new product line that will require an investment of $$1,550,000$. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $$330,000$ the first year, $$275,000$ the second year, and $$250,000$ each year thereafter for eight years. The investment has no residual value. Compute the payback period.

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