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 $350,000. The project will generate the following cash flows each year end. Nears Cash flows ($) 1 88,000 22 98,000 3 108,000 4 118,000 128,000 6 138,000 17 148,000 8 -405,000 1. Calculate the payback period (in years) for project X Round your answer to 2 decimal places. Do not put "years". Do not use comma separators. Elg. 1284.56 (2 marks) years 2. Calculate the net present value (NPV) for project X Round your answer to the nearest cent. Do not put $. Do not use comma separators. E.g. 1234.56 (2 marks) 3. If project X is independent to all other investment options. Would you recommend using the IRR method to decide whether to accept project x i mark Yes WANG