**CANNOT USE EXCEL TO SOLVE. CAN USE CALCULATOR FUNCTIONS. PLEASE SHOW ALL STEPS AND CALCULATOR SHORT CUTS.
Project Y has an initial cost of $58,591, and its expected net cash inflows are $12,250 per year for 9 years. The firm has a WACC of 8 percent, and Project Y’s risk would be similar to that of the firm’s existing assets. What is Project Y’s payback period?