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The Higgins Company has just purchased a piece of equipment at a cost of $320,000....

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The Higgins Company has just purchased a piece of equipment at a cost of $320,000. This equipment will reduce operating costs by $30,000 each year for the next five years. This equipment replaces old equipment which was sold for $11,000 cash. The new equipment has a payback period of (Ignore income taxes.) (Round your answer to 1 decimal place.) Multiple Choice 10.3 years 10.7 years 15.3 years 5.0 years

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