A project that costs $24,000 today will generate cash flows of $7,900 per year for seven years. What is the project's payback period?
Question
Solution 1
The payback period is a financial metric that is widely used to measure the length of time it takes to recover the cost of an investment. Simply put, the payback period is the time it takes for an investment to generate an amount of income or cash equal to the cost of the investment.
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