Question: Robinson Hardware is adding a new product line that will require an investment of $1,520,000. Managers estimate that this investment will have a 10-year and

Robinson Hardware is adding a new product line that will require an investment of $1,520,000. Managers estimate that this investment will have a 10-year and generate net of $330,000 the first year, $265,000 the second year, and $235,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period.

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