Fred Hammond recently invested in a project that has an expected annual cash inflow of $7,000 for 10 years, and an expected payback period of 3.6 years. How much did Fred invest in the project?
a. $19,444
b. $36,000
c. $25,200
d. $40,000
C
x/$7,000 = 3.6 years
x = $25,200
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