Please answer both parts of the question.

Ivanhoe Specialties just purchased inventory-management computer software at a cost of $1,684,950. Cost savings from the investment over the next six years will produce the following cash flow stream: $251,340, $221,240, $455,600, $493,250, $745,320, and $553,740. What is the payback period on this investment? (Round answer to 2 decimal places,e.g. 15.25.)

Management of Brian Lee, a confectioner, is considering purchasing a new jelly bean-making machine at a cost of $322,032. They project that the cash flows from this investment will be $93,040 for the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that Brian Lee management can expect on this project? (Do not round discount factors. Round other intermediate calculations to 0 decimal places e.g. 15 and final answer to 2 decimal places, e.g. 5.25%.)