River and Co. is considering purchasing a machine that would…
River and Co. is considering purchasing a machine that would cost $457,050 and have a useful life of 7 years. The machine would reduce cash operating costs by $83,100 per year. The machine would have a salvage value of $107,120 at the end of the project. (Ignore income taxes.) Compute the payback period for the machine. Note: please round to two decimal places: i.e., 0.00