1. Problem 11.04 (Payback Period) Project L requires an initial outiay at t=0 of $60,000, its expected cash inflows are $11,000 per year for 6 years, and its WACC is 10%. What is the project's payback? Round your answer to two decimal places. years 2. Problem 11.05 (Discounted Payback) Project L requires an initial outlay at t=0 of $50,000, its expected cash inflows are $12,000 per year for 9 years, and its WACC is 12%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places. years