PJ corporation is considering entering the dog food business. To produce dog food the company would need to purchase an oven at $200,000 today (CF0). The oven is projected to last 5 years. PJs projected net cash flows for the next 5 years are in the following table. The cost of capital for PJ is 14%.

Year Net Cash Flow

0 -200,000

1 20,000

2 50,000

3 100,000

4 150,000

5 175,000

What is the payback period on this investment? Express your answer in years.

What is the IRR? Express your answer as a percentage with 2 decimals.