Norton Corporation is considering a 6 year project having an initial investment of $150,000. The project will provide cash inflows of $25,000 for the first 3 years and $60,000 during the last 3 years. Given this information, calculate the project's payback.

Retailers believe charging slotting fees forces manufacturers to eliminate poor product introductions, knowing that the majority of new products fail

Indicate whether the statement is true or false

You earned $20,000 in taxable income. The tax rate on the first $10,000 is 10%. The tax rate on income between $10,001 and $20,000, inclusive, is 20%. Your tax is ________

A) $10,000 B) $1,000 C) $2,000 D) $3,000 E) $4,000