A project costs $300 million and is expected to generate cash flows of $62 million per year, starting at the end of the first year and lasting forever. What is the internal rate of return? The internal rate of return is __. (Round to 3 decimal places. Do not put in percentage values.) Answer: A project has the following cash flows: Year Cash Flow 0 -20,000 1 4275 2 4275 3 4275 4 4275 The payback period for this project is years