Baird Golf has decided to sell a new line of golf clubs. The clubs will sell for $715 per set and have a variable cost of $385 per set. The company has spent $150,000 for a marketing study that determined the company will sell 75,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 10,000 sets of its high-priced clubs. The high-priced clubs sell at $1,150 and have variable costs of $620. The company will also increase sales of its cheap clubs by 12,000 sets. The cheap clubs sell for $425 and have variable costs of $195 per set. The fixed costs each year will be $9,400,000. The company has also spent $1,000,000 on research and development for the new clubs. The plant and equipment required will cost $30,100,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,400,000 that will be returned at the end of the project. The tax rate is 40%, and the cost of capital is 10%.

Calculate the payback period. (Round the final answer to 3 decimal places.)

Payback period years

Calculate the NPV. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

NPV $

Calculate the IRR. (Negative answer should be indicated by a minus sign. Do not round intermediate calculations. Round the final answer to 2 decimal places.)

IRR %