1. Project L requires an initial outlay at t = 0 of $65,000, its expected cash inflows are $14,000 per year for 9 years, and its WACC is 11%. What is the project's NPV? Do not round intermediate calculations. Round your answer to the nearest cent.

2. Project L requires an initial outlay at t = 0 of $57,394, its expected cash inflows are $9,000 per year for 11 years, and its WACC is 12%. What is the project's IRR? Round your answer to two decimal places.