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2. Problem 11.05 (Discounted Payback) Project L requires an initial outlay at t=0 of $70,000,...

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2. Problem 11.05 (Discounted Payback) Project L requires an initial outlay at t=0 of $70,000, its expected cash inflows are $16,000 per year for 9 years, and its wacC is 13%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two dedimal places. years

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