(Ignore Income Taxes in This Problem

Essay

(Ignore income taxes in this problem. )The management of Fowkes Corporation is considering a project that would require an initial investment of $331,000 and would last for 8 years.The annual net operating income from the project would be $54,000,including depreciation of $40,000.At the end of the project,the scrap value of the project's assets would be $11,000.
Required:
Determine the payback period of the project.Show your work!