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Payback Period

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4. Stern Associates is considering a project that has the following cash flow data. What is the project's payback?
Year 0 1 2 3 4 5
Cash flows -$950 $300 $310 $320 $330 $340

3.06 years
3.24 years
2.97 years
3.70 years
3.49 years

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