Jarvey Company is studying a project that would have a ten-year life and would require a $450,000 investment in equipment that has no salvage value.The project would provide net income each year as follows for the life of the project: 
The company's required rate of return is 12%.What is the payback period for this project?
Definitions:
Performance Rating
An evaluation measure used to assess the efficiency, effectiveness, or output level of employees, processes, or equipment against predefined standards.
Observed Time
The actual amount of time recorded for a task or process operation based on direct observation.
Futures Contract
A legally binding contract for the future transaction of goods or assets at a set price and predetermined date.
Cash Flows
Cash flows represent the net amount of cash and cash-equivalents being transferred into and out of a business, crucial for assessing its financial health, liquidity, and solvency.
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