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RobertsonRobertson Hardware is adding a new product line that will require an investment of $1,418,000. Managers...

RobertsonRobertson Hardware is adding a new product line that will require an investment of $1,418,000. Managers estimate that this investment will have a​ 10-year life and generate net cash inflows of $310,000 the first​ year, $300,000 the second​ year, and $250,000 each year thereafter for eight years. Compute the payback period. Round to one decimal place.

How many years to pay back?

The payback is

years.
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