Problem 5-18 Comparing Investment Criteria Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for both projects is 8 percent. Solvent Year Dry Prepreg Prepreg 0 $1,760,000 $780,000 1 1,106,000 405,000 2 912,000 660,000 3 756,000 402,000 a. What is the payback period for both projects? (Do not round Intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.) years Dry Prepeg Solvent Prepeg years b. What is the NPV for both projects? (Do not round Intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.) Dry Prepeg Solvent Prepeg c. What is the IRR for both projects? (Do not round Intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g. 32.16.) Dry Prepeg Solvent Prepeg % % d. Calculate the incremental IRR for the cash flows. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Incremental IRR % *****