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Problem - Chee Corporation has gathered the following data on a proposed investment project: (Ignore income taxes in this problem.)

  Investment required in equipment $680,000     
  Annual cash inflows $66,000     
  Salvage value $0     
  Life of the investment 20 years     
  Required rate of return 7%  

The company uses straight-line depreciation. Assume cash flows occur uniformly throughout a year except for the initial investment.

The payback period for the investment is closest to:

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