In what context are you asking this particular question - payback for what?
PAYBACK PERIOD OF 7 YEAR MEANS YOUR INITIAL INVESTMENT IS RECOVERED IN 7YEARS.
EXAMPLE YOUR INVESTMENT IN A PROJECT IS-$70
AND YOUR CASH INFLOWS ARE-$10 PER ANNUM
THEREFORE YOUR INVESTMENT OF $70 IS RECOVERED BACK IN 7 YEARS.
THEREFORE PAYBACK PERIOD=7
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