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Use the following to answer the next three questions: Deepwater Inc. has developed a 9-year project that requires an immediate investment of $2.5 million. The project's annual long-term net cash flows are $300,000 for 3 consecutive years beginning in one year and 500,000 for the remaining period until the end of the project. Assume that the project has a required rate of return of 12%. 31. Based on these estimates, what comes closest to the project's NPV? a. -0.3 million b. 0.6 million c. 1.4 million d. 4.7 million 32. What comes closest to the project's IRR? a. 8.9% b. 10.5% 11.9% d. C. Undefined 33. What is the payback period of this project? a. 6 years b. 7 years c. 8 years d. 9 years 34. What is the NPV of a 5-year project that is expected to generate $32 million per year for the first 3 years and then $10 million per year for the next 2 years? The upfront cost to start the project is $90 million, and then it will cost $5 million per year to maintain this project. Use the discount rate of 8%. Should this project be undertaken? a. 26; Yes b. -13.3; No c. 6.62; Yes d. 166.7; Yes