8. A company is considering a new investment project. The estimated cash flows for the project are as follows: Initial investment cost (year 0) 15,000 Net annual cash inflows: Year 1 5,000 Year 2 7,000 Year 3 8,000 Cash inflow from residual value (year 3) 2,000 Required: (a) Calculate the payback period for the project. (3 marks) (b) Calculate the net present value for the project, assuming a cost of capital of 8%