(Payback period, NPV, PI, and IRR calculations)

You are considering a project with an initial cash outlay of $70,000 and expected free cash flows of $20,000 at the end of each year for

7 years. The required rate of return for this project is 8 percent.

a. What is the project's payback period?

b. What is the project's NPV?

c. What is the project's PI?

d. What is the project's IRR?

a. The project's payback period is _ years.(Round to two decimal places.)