The after-tax cash flows for two mutually exclusive projects have been estimated, and the following information has been provided: The company's required rate of return is 14 percent, and it can get unlimited funds at that cost. What is the IRR of the better project? (Hint: Note that the better project might not be the one with the higher IRR.) Question 2: Payback, NPV, and IRR Project K has a cost of $52,125, and its expected net cash inflows are $12,000 per year for eight years. 

a. What is the project's payback period (to the closest year)? 

b. If the required rate of return for the project is 12 percent, what is the project's NPV? 

c. What is the project's IRR? d. What is the project's discounted payback period, assuming a 12 percent required rate of return?