An investment project provides cash inflows of $620 per year for 14 years.

a. What is the project payback period if the initial cost is $1,240?

b. What is the project payback period if the initial cost is $4,464?

c. What is the project payback period if the initial cost is $9,300?

A firm evaluates all of its projects by using the NPV decision rule.

Year	Cash Flow
0	$27,000
1	21,000
2	12,000
3	5,000

a. At a required return of 30 percent, what is the NPV for this project?

b. At a required return of 38 percent, what is the NPV for this project?