A company is considering investing in project X. The company has a cost of capital of 7% p.a. Project X is an 8-yea project with an initial cost of $450,000. The project will generate the following cash flows each year end. Years Cash flows ($) 110,600 122,600 3 134,600 1 N 4 5 6 146,600 158,600 170,600 182,600 -481,000 7 00 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 S. 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? (1 mark) Yes No