Question: Consider the following project: Initial outlay = $15 million Year 1 expected cash flow = $7 million Year 2 expected cash flow = $6 million

Consider the following project: Initial outlay = $15 million Year 1

Consider the following project: Initial outlay = $15 million Year 1 expected cash flow = $7 million Year 2 expected cash flow = $6 million Year 3 expected cash flow = $5 million If the cash flows are received uniformly throughout the year, the payback period is closest to: 3 years and 5 months 2 years 3 years 2 years and 5 months

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