McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $$895$ per set and have a variable cost of $$431$ per set.

The company has spent $$200,000$ for a marketing study that determined the company will sell $80,000$ sets per year for seven years.

The marketing study also determined that the company will lose sales of $8,600$ sets per year of its high$-$priced clubs. The high$-$priced

clubs sell at $$1,325$ and have variable costs of $$645.$ The company will also increase sales of its cheap clubs by $10,800$ sets per

The cheap clubs sell for $$340$ and have variable costs of $$141$ per set. The fixed costs each year will be $$14,350,000.$ The company has

also spent $$1,500,000$ on research and development for the new clubs. The plant and equipment required will cost $$43,700,000$ and

will be depreciated on a straight$-$line basis. The new clubs will also require an increase in net working capital of $$3,625,000$ that will be

returned at the end of the project. The tax rate is $25$ percent, and the cost of capital is $11$ percent. Calculate the payback period, the

NPV$,$ and the IRR.

Note: Do not round intermediate calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$ Enter your IRR answer as a

percent.