Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for both projects is 8 percent.

Solvent Year Dry Prepreg Prepreg 0-$1,840,000-$820,000 1 1,114,000 445,000 2 928,000 740,000 3 764,000 418,000 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.) Dry Prepeg Solvent Prepeg b. What is the NPV for both projects? (Do not round Intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.) 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.) 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