Parts A and B

Project L requires an initial outlay at t=0 of $81,505, its expected cash inflows are $14,000 per year for 9 years, and its WACC is 10%. What is the project's IRR? Round your answer to two decimal places. \% Project L requires an initial outlay at t=0 of $57,000, its expected cash inflows are $12,000 per year for 6 years, and its WACC is 11%. What is the project's payback? Round your answer to two decimal places. years