Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for Tokyo Rubber Company is 9 percent.

Year	Dry Prepreg			Solvent Prepreg
0	$	1,770,000		$	785,000
1		1,107,000			410,000
2		914,000			670,000
3		757,000			404,000

a.	What is the payback period for both projects? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

	Payback period
Dry Prepeg	years
Solvent Prepeg	years

b.	What is the NPV for both projects? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

	NPV
Dry Prepeg	$
Solvent Prepeg	$

c.	What is the IRR for both projects? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

	IRR
Dry Prepeg	%
Solvent Prepeg	%

d.	Calculate the incremental IRR for the cash flows. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Incremental IRR

%