Question: Consider a project with an initial investment (today, t = 0) of $421,875. This project will generate cash flows of $67,500 per year for the

Consider a project with an initial investment (today, t = 0) of $421,875. This project will generate cash flows of $67,500 per year for the next 8 years, after which the remaining assets will be sold for scrap for $10,000. What is the payback period for the project? Answer with a number rounded to two decimal places, e.g., 4.08 years should be entered 4.08.

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