Payback Period, IRR, and Minimum Cash Flows The management of Mohawk Limited is currently evaluating the following investment proposal: Time 0 Year 1 Year 2 Year 3 Year 4 Initial investment $210,000 Net operating cash inflows $ 70,000 $ 70,000 $ 70,000 $ 70,000 (a) Determine the proposal's payback period. 3 years (b) Determine the proposal's internal rate of return. (Refer to Appendix 24B if you use the table approach.) 13 X % (c) Given the amount of the initial investment, determine the minimum annual net cash inflows required to obtain an internal rate of return of 14 percent. Round the answer to the nearest dollar. $ 72,066 X