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

Year	Dry Prepreg			Solvent Prepreg
0	$	1,820,000		$	810,000
1		1,112,000			435,000
2		924,000			720,000
3		762,000			414,000

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 and enter your answers as a percent rounded 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 and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Incremental IRR

%