(Payback period, NPV, PI, and IRR calculations) You are considering a project with an initial cash outlay of $80,000 and expected free cash flows of $25,000 at the end of each year for 7 years. The required rate of return for this project is 9 percent.

a. What is the project's payback period? (Round to two decimal places.)

b. What is the project's NPV? (Round to the nearest cent.)

c. What is the project's PI? (Round to three decimal places.)