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Brady Corp. is considering the purchase of a piece of equipment that costs $20,000. Projected net...

Brady Corp. is considering the purchase of a piece of equipment that costs $20,000. Projected net annual cash flows over the project's life are:

Year 1: $5,000
Year 2: 7,000
Year 3: 15,000
Year 4: 10,000

The cash payback period is:

[Give your answer in years, rounded to two decimal places.]

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