Tinker Toy Corporation bought a new machine, which cost $160,000, has a useful life of...

80.2K

Verified Solution

Question

Accounting

Tinker Toy Corporation bought a new machine, which cost $160,000, has a useful life of 9 years, and will generate annual cash inflows of $20,000. The residual value of the machine is $4,200. What is the payback period in years (calculate to the nearest number of years with 2 decimal places)?
Your Answer:
Answer
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students