1. Project L requires an initial outlay at t = 0 of $40,000, its expected cash inflows are $14,000 per year for 9 years, and its WACC is 12%. What is the project's MIRR? Do not round intermediate calculations. Round your answer to two decimal places. 2. Project L requires an initial outlay at t = 0 of $58,000, its expected cash inflows are $9,000 per year for 8 years, and its WACC is 13%. What is the project's payback? Round your answer to two decimal places.