(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 $24,000 at the end of each year for 5 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