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(Calculating IRR, payback, and a missing cash flow) The Merriweather Printing Company is trying to decide on the merits of constructing a new publishing facility. The project is expected to provide a series of positive cash flows for each of the next four years. The estimated cash flows associated with this project are as follows: Year Project Cash Flow 0 ? 1 $820,000 2 380,000 3 250,000 4 490,000 (Click on the icon in order to copy its contents into a spreadsheet.) If you know that the project has a regular payback of 2 years, what is the project's IRR? The IRR of the project is %. (Round to two decimal places.) (Discounted payback period) The Callaway Cattle Company is considering the construction of a new feed handling system for its feed lot in Abilene, Kansas. The new system will provide annual labor savings and reduced waste totaling $205,000 while the initial investment is only $495,000. Callaway's management has used a simple payback method for evaluating new investments in the past but plans to calculate the discounted payback to analyze the investment. Where the appropriate discount rate for this type of project is 11 percent, what is the project's discounted payback period? The project's discounted payback period is years. (Round to two decimal places.)