Elysian Fields, Inc., uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $28,000; project Helium requires an initial outlay of $34,000. Using the expected cash inflows given for each project in the following table, , calculate each project's payback period. Which project meets Elysian's standards? The payback period of project Hydrogen is years. (Round to two decimal places.) Billabong Tech uses the internal rate of return (IRR) to select projects. Calculate the IRR for each of the following projects and recommend the best project based on this measure. Project T-Shirt requires an initial investment of $16,000 and generates cash inflows of $6,000 per year for 5 years. Project Board Shorts requires an initial investment of $33,000 and produces cash inflows of $13,500 per year for 6 years. The IRR of project T-Shirt is %. (Round to two decimal places.) Axis Corp. is studying two mutually exclusive projects. Project Kelvin involves an overhaul of the existing system; it will cost $10,000 and generate cash inflows of $10,000 per year for the next 3 years. Project Thompson replaces the existing system; it will cost $320,000 and generate cash inflows of $70,000 per year for 6 years. Using a(n) 8.15% cost of capital, calculate each project's NPV, and make a recommendation based on your findings. The NPV of project Kelvin is \$ (Round to the nearest cent.) Data Table Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Herky Foods is considering acquisition of a new wrapping machine. By purchasing the machine, Herky will save money on packaging in each of the next 5 years, producing the series of cash inflows shown in the following table: The initial investment is estimated at $1.42 million. Using a 4% discount rate, determine the net present value (NPV) of the machine given its expected operating cash inflows. Based on the project's NPV, should Herky make this investment? The net present value (NPV) of the new wrapping machine is $ (Round to the nearest cent.) Data table (Click on the icon here into a spreadsheet.)