8. A project has the following cash flows. What is the payback period? Year Cash Flow - $46,000 13,500 22.900 8,400 5,600 WN -o A. 2.48 years B. 2.59 years C. 2.96 years D. 3.21 years E. 3.43 years 9. The Black Horse is currently considering a project that will produce cash inflows of $12,000 a year for four years. The cost of the project is $38,000. What is the internal rate of return (IRR)? Should the project be accepted if the cost of capital is 7 percent? (hint: apply PV of an annuity formula and use the interest rate factor table for PV of an annuity to estimate the IRR. Alternatively, you may use the trial and error method.)