Comparing all methods. Given the following after-tax cash flow on a new toy for Tyler's Toys, find the project's paybackperiod, NPV, and IRR. The appropriate discount rate for the project is 11%. If the cutoff period is 6 years for major projects, determine whether management will accept or reject the project under the three different decision models.

Initial cash outflow:$12,400,000

Years one through four cash inflow: $3,100,000 each year

Year five cash outflow: $1,240,000

Years six through eight cash inflow: $549,333 each year