Caruso 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 $305,000 the first year, $275,000 the second year, and $245,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period First enter the formula, then calculate the payback period. (Round your answer to two decimal places.) + Amount to complete recovery in next year Projected cash inflow in next year Full years ) = Payback + years Enter any number in the edit fields and then click Check Answer All parts showing Clear All Check Answer 12:55 AM Jos