The payback i calculated is $1\mathrm{.}13$ years but thats not correct, what would be the payback in this case. Round to $2$ decimal placesover the four years using the straight$-$line method, a useful life of four years, and a residual value of $$0.$

$($Click the icon to view the future cash flows.$)$

The NPV of the investment is $$44,614.$ Active Mother has just heard about payback period and IRR. Assume the CCA rate is $20\%$ and refer to the relevant cash flows.

Required

Future cash flows

Requirement $1.$ Calculate the payback period. $($Round your final answer to two decimal places.$)$

$\backslash$table$[[,$Relevant Cash Flows at End of Each year$],[,$Today,$1,2,3,4],[$Initial investment,$(22,600),,,,],[\backslash$table$[[$Annual cash flows from$],[$operations $($excluding$],[$depreciation$)]],,,,,],[$Cash flow from sale of machine,,$27,000,27,000,27,000,27,000],[$Required return on investment,$10\%,,,,12,500],[$Income tax rate,$35\%,,,,],[$Depreciation method,,,,,$],[$CCA rate declining balance for income tax purposes,,,,,$]]$

The payback period of the investment is $1\mathrm{.}13$ year$($s$).$