9 11 (Calculation of Minimum Payback Period: Years NPV of Projected Cash Flows \begin{tabular}{|l|l|} \hline NPV of Projected Cash Flows \\ \hline Projected Revenues at annual growth rate \\ \hline Projected Expenses at 54% of Revenue \\ \hline Annual Cash Flows \\ \hline Discount rate for each year (6%) \\ \hline Present value of cash flows \end{tabular} NPV of Projected Cash Flows Internal Rate of Return (IRR): 9 11 (Calculation of Minimum Payback Period: Years NPV of Projected Cash Flows \begin{tabular}{|l|l|} \hline NPV of Projected Cash Flows \\ \hline Projected Revenues at annual growth rate \\ \hline Projected Expenses at 54% of Revenue \\ \hline Annual Cash Flows \\ \hline Discount rate for each year (6%) \\ \hline Present value of cash flows \end{tabular} NPV of Projected Cash Flows Internal Rate of Return (IRR)