A firm is considering whether or not to purchase an asset to expand its operations. Below is a table of the cash flows associated with the asset over its useful life. The firm has a required rate of return of 16.50%. The asset has no salvage value.

Q. What is the payback period? Q. What is the net present value (NPV)?

Q. What is the internal rate of return (IRR)? No Excel, show formula

\begin{tabular}{|c|c|} \hline Year & Cash Flow \\ \hline 0 & $10,750 \\ \hline 1 & $3,450 \\ \hline 2 & $1,800 \\ \hline 3 & $1,600 \\ \hline 4 & $1,200 \\ \hline 5 & $5,275 \\ \hline \end{tabular}