A company is considering investing in project X. The company has a cost of capital of 8% p.a. Project X is a 8-year project with an initial cost of $350,000. The project will generate the following cash flows each year end.

Years	Cash flows ($)
1	88,000
2	98,000
3	108,000
4	118,000
5	128,000
6	138,000
7	148,000
8	-405,000

Calculate the payback period (in years) for project X. Round your answer to 2 decimal places.

Calculate the net present value (NPV) for project X. Round your answer to the nearest cent

If project X is independent to all other investment options. Would you recommend using the IRR method to decide whether to accept project X?