Question: Turner Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate that this investment will have a 10-year life

Turner Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $335,000 the first year, $295,000 the second year, and $225,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period.

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