The management of Truelove Corporation is considering a project that would require an initial investment of $321,000 and would last for 7 years. The annual net operating income from the project would be $28,000, including depreciation of $42,000. At the end of the project, the scrap value of the project's assets would be $27,000. (Ignore income taxes.)Required:Determine the payback period of the project.

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The Answer of The management of Truelove Corporation is considering a project that would require an initial investment of $321,000 and would last for 7 years. The annual net operating income from the project would be $28,000, including depreciation of $42,000. At the end of the project, the scrap value of the project's assets would be $27,000. (Ignore income taxes.)Required:Determine the payback period of the project.

The Management of Truelove Corporation Is Considering a Project That