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Part $1$

Gibson Hardware is adding a new product line that will require an investment of $ $1$ comma $550$ comma $000.$ Managers estimate that this investment will have a$10-$year life and generate net cash inflows of $ $315,000$ the first$$ year, $ $300,000$ the second$$ year, and $ $225$ comma $000$ each year thereafter for eight years. The investment has no residual value. Compute the payback period. First enter the formula then caluculate the payback period