Cornell Manufacturing Company is considering the following investment proposal:
$$\begin{array}{lr}
\text { Initial investment: } & \
\quad \text { Depreciable assets (straight-line) } & \$ 48,000 \
\quad \text { Working capital } & 4,000 \
\text { Operations (per year for 4 years): } & \
\quad \text { Cash receipts } & \$ 30,000 \
\quad \text { Cash expenditures } & 17,000 \
\text { Disirvestment: } & \
\quad \text { Salvage value of equipment } & \$ 2,000 \
\quad \text { Recovery of working capital } & 4,000
\end{array}$$ The investment's payback period in years (rounded to two decimal points) is:

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The Answer of Cornell Manufacturing Company is considering the following investment proposal:
$$\begin{array}{lr}
\text { Initial investment: } & \
\quad \text { Depreciable assets (straight-line) } & \$ 48,000 \
\quad \text { Working capital } & 4,000 \
\text { Operations (per year for 4 years): } & \
\quad \text { Cash receipts } & \$ 30,000 \
\quad \text { Cash expenditures } & 17,000 \
\text { Disirvestment: } & \
\quad \text { Salvage value of equipment } & \$ 2,000 \
\quad \text { Recovery of working capital } & 4,000
\end{array}$$ The investment's payback period in years (rounded to two decimal points) is:

Cornell Manufacturing Company Is Considering the Following Investment Proposal The Investment's Payback Period in Years (Rounded to Two Decimal