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Question(s) / Instruction(s):

The management of Morrissette Corporation is considering a project that would require an investment of $284,000 and would last for 7 years. The annual net operating income from the project would be $135,000, which includes depreciation of $37,000. The scrap value of the project\'s assets at the end of the project would be $25,000. The payback period of the project is closest to:

a)            2.1 years

b)            1.5 years

c)            1.9 years

d)            1.7 years

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