Question: Problem 10-05 Payback A project has an initial cost of $54,075, expected net cash inflows of $11,000 per year for 8 years, and a cost

Problem 10-05 Payback A project has an initial cost of $54,075, expected net cash inflows of $11,000 per year for 8 years, and a cost of capital of 12%. What is the project's payback period? Round your answer to two decimal places.

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