Project L costs $44,581.60, its expected cash inflows are $10,000 per year for 9 years, and its WACC is 13%. What is the project's IRR? Round your answer to two decimal places.

Project L costs $50,000, its expected cash inflows are $12,000 per year for 7 years, and its WACC is 10%. What is the project's payback? Round your answer to two decimal places.