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Part $1$

Walken Hardware is adding a new product line that will require an investment of $$1,480,000.$ Managers estimate that this investment will have a$10-$year life and generate net cash inflows of $ $335,000$ the first$$ year, $ $290,000$ the second$$ year, and $ $260,000$ each year thereafter for eight years. The investment has no residual value. Compute the payback period.