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Consider a project with an initial outlay of $1,000 and yearlycash flows as follows: -300, -100, 200, 300, 300, 100, 100, 200,600, 400, and 100. Calculate the classical payback period assuming10% cost of funds. Round your final answer to two decimal places.(please show step-by-step using formulas) (NEED ANSWER ASAP)
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