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PA$11-2($Algo$)$ Making Automation Decision $[$LO $11-1,11-2,11-3,11-5]$

$[$The following information applies to the questions displayed below.$]$

Beacon Company is considering automating its production facility. The initial investment in automation would be $$9\mathrm{.}92$

million, and the equipment has a useful life of $8$ years with a residual value of $$1,120,000.$ The company will use straight$-$

line depreciation. Beacon could expect a production increase of $33,000$ units per year and a reduction of $20$ percent in

the labor cost per unit.

PA$11-2$ Part $3$

Determine the project's payback period. $($Round your answer to $2$ decimal places.$)$