1. A project has an initial cost of $37,050, expected net cash inflows of $12,000 per year for 7 years, and a cost of capital of 13%. What is the project's PI? Do not round your intermediate calculations. Round your answer to two decimal places.

2. A project has an initial cost of $49,700, expected net cash inflows of $11,000 per year for 8 years, and a cost of capital of 11%. What is the project's payback period? Round your answer to two decimal places.