Annes Bakery plans to purchase a new oven for its store. The oven has an estimated useful life of 4 years. The estimated pretax cash flows for the oven are as shown in the table that follows, with no anticipated change in working capital. Anna's Bakery hasanan 8%after-tax required rate of return and a 34%income tax rate. Assume depreciation is calculated on a straight-line basis for tax purposes using the initial oven investment and estimated terminal disposal value of the oven. Assume all cash flows occur at year-end except for initial investment amounts.

Relevant Cash Flows at End of Each Year

0 1 2 3 4

Initial machine investment $(70,000)

Annual cash flows from operations

(excluding the depreciation effect) $24,000 $24,000 $24,000 $24,000

Cash flow from terminal disposal of oven $7,000

I calculated the NPV to be $5343. (which is correct).

I need help finding the payback period and the IRR. Thanks!