Project L has a cost of $53,000. Its expected net cash inflows are $70,000 per year for 8 years. What is the project's payback period? If the cost of capital is 8%, what are the project's net present value (NPV) and profitability index (PI)? What is the projects internal rate of return (IRR)? What is the project's payback period? The project's payback period is years. (Round to two decimal places.)