If the NPV is $195 for this problem: Calculate the NPV of the following project cash flows which come in at the end of the year: $500 in Year 1, $700 in Year 2, and $1000 in Year 3; using a discount rate of 7%. The firm has a net expense of $1700 at the beginning of the project.

What is the IRR of the project? and What is the payback period of the project?