pappy's potato has come up with a new product the potato pet (they are freeze dried to last longer). Pappy's paid $120,000 for a marketing survey to determine the viability of the product. It is felt that Potato Pet will generate sales of $815,000 per year. The fixed costs associated with this will be $196,000 per year, and variable costs will amount to 20 percent of sales. the equipment necessary for production of the potato pet will cost $865,000 and will be depreciated in a straight line manner for the 4 years of the product life (as with all fads, it is felt the sales will end quickly). This is the only initial cost for the production. Pappy has a tax rate of 40 percent and a required return of 13 percent. Calculate the payback period, NPV, and IRR.