A company is considering investing in project X. The company has a cost of capital of 10% p.a. Project X is a 9-year project with an initial cost of 400,000. The project will generate the following cash flows at the end of the years:

Years	Cash flows
1	90,000
2	80,000
3	50,000
4	50,000
5	50,000
6	50,000
7	50,000
8	50,000
9	15,000

a) Calculate the payback period (in years) for project X. Round your answer to 2 decimal places. Do not include the unit. Do not use comma separators. E.g. 1234.56 (2 marks)

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b) Calculate the net present value (NPV) for project X. Round your answer to the nearest dollar. Do not include the $ symbol. Do not use comma separators. E.g. 123456 (2 marks)

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