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Ace Hardware is adding a new product line that will require an investment of $...

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Accounting

Ace Hardware is adding a new product line that will require an investment of $ 1,512,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $ 320,000 the first year, $ 270,000 the second year, and $ 250,000 each year thereafter for eight years. Compute the payback period. Round to one decimal place. The payback is ______ years.

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