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The management of Iroquois National Bank is considering an investment in automatic teller machines. The...

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Accounting

The management of Iroquois National Bank is considering an investment in automatic teller machines. The machines would cost $142,600 and have a useful life of seven years. The banks controller has estimated that the automatic teller machines will save the bank $31,000 after taxes during each year of their life (including the depreciation tax shield). The machines will have no salvage value.

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Required Compute the payback period for the proposed investment. (Round your answer to 1 decimal place.) Payback period ears

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