A small town in Ohio considering the purchase of a : 148588
A small town in Ohio is considering the purchase of a newparking system that would enhance the collection of parking feeswhile providing additional convenience to shoppers. The hardwarerequires an immediate outflow (an investment today) of $1350. Thetown estimates that the new system will create cash flows of $239to be received consecutively at the end of each year, beginning inone year, for 8 consecutive years. What is the payback, in years(not in fractions of a year), of the computer package? Years Placeyour answer in number of years.