Problem 11.04 (Payback Period) 14. Project L requires an initial outlay at t = 0 of $59,000, its expected cash inflows a

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Problem 11.04 (Payback Period) 14. Project L requires an initial outlay at t = 0 of $59,000, its expected cash inflows a

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Problem 11.04 (Payback Period)
14. Project L requires an initial outlay at t = 0 of $59,000,
its expected cash inflows are $15,000 per year for 11 years, and
its WACC is 9%. What is the project's payback? Round your answer to
two decimal places.
years
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