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Find payback period for this machine in years is closest to

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Question 1: A company with $600,000 in operating assets is considering the purchase of a machine that costs $72,000 and which is expected to reduce operating costs by $18,000 each year. These reductions in cost occur evenly throughout the year. The payback period for this machine in years is closest to:

Option 1: 33.3 years

Option 2: 8.3 years

Option 3: 4 years

Option 4: 0.25 years

Reference no: EM132517223

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