Pappy's Potato has come up with a new product, the Potato Pet (they are freeze-drled to last longer). Pappy's paid $165.000 for a marketing survey to determine the viability of the product. It is felt that Potato Pet will generate $ales of $880.000 per yeat. The fixet. costs associated with this will be $222,000 per year, and variable costs will amount to 18 percent of sales. The equipment necersary for production of the Potato Pet will cost $940,000 and will be depreclated in a stralght-line manner for the four 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. Pappys has a tax rate of 24 percent and a required return of 13 percent. o. Calculate the payback period for this project. Note: Do not round intermediote calculotions and round your onswer to 2 decimol places, e.9., 32.16. b. Calculate the NPV for this project. Note: Do not round intermediate calculations and round your answer to 2 decimal ploces, 0.94,32.16. c. Calculate the IRR for this project. Note: Do not round intermediote colculations and enter your onswer as o percent rounded to 2 decimol places, e.9, 32.16