Considering the purchase of new parking system

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A small town in Ohio is considering the purchase of a new parking system that would enhance the collection of parking fees while providing additional convenience to shoppers. The hardware requires an immediate outflow (an investment today) of $1350. The town estimates that the new system will create cash flows of $239 to be received consecutively at the end of each year, beginning in one year, for 8 consecutive years. What is the payback, in years (not in fractions of a year), of the computer package? Years Place your answer in number of years.

Reference no: EM131056466

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