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 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. E.g. 1234.56 (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)