a) Project Panda requires an initial investment of $560,000. The project will generate $46,000 in 2 years. After that, the project will generate 108,000 at the end of each year until the end of year 13. i) Using this information answer parts i), ii) and iii) below: Write down the equation that can be used to find the internal rate of return (IRR) of the project. In your equation, you must use the annuity formulas when possible. (2 marks) Can you advise if the rate of return is higher or lower than 12% ? Provide your reason by calculating the net present value (NPV) of the project, you must use the annuity formulas when possible. (3 marks) Calculate the payback period in years for Project Panda. Round your answer to 2 decimal places. (2 marks) MacBook Pro