Forever Old Thrift Shop is considering renovating the entire store shopping area to attract more customers. The cost of the renovation is $10,000. The net cash flows resulting from the investment are as follows: Year 1: $4,000; Year 2: $3,000; Year 3: $2,000; Year 4: $1,500; Year 5: $500. Compute the payback period for this project.

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To compute the payback period for the project we need to determine ... View the full answer