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The following details are provided by a manufacturing company. Investment $750,000 Useful life 12 years Estimated annual net cash inflows for first year $400,000 Estimated annual net cash inflows for second year $100,000 Estimated annual net cash inflows for next ten years $300,000 Residual value $50,000 Required rate of return 12% Calculate the payback period for the investment Select one: O 2 years O 2.83 year O 3.83 years O 2.33 years O 3.5 years O 3.0 years