Consider the following cash flows of two mutually exclusive projects for Spartan Rubber Company. Assume the discount rate for Spartan 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 each project? (Do not round intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

Payback period

Dry Prepreg years

Solvent Prepreg years

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

NPV

Dry Prepreg $

Solvent Prepreg $

c. What is the IRR for each project? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places (e.g., 32.16).)

IRR

Dry Prepreg %

Solvent Prepreg %

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

Incremental IRR %