Project L requires an initial outlay at t = 0 of $69,000, its expected cash inflows are $15,000 per year for 12 years, and its WACC is 10%. What is the project's payback? Round your answer to two decimal places. years Project L requires an initial outlay at t = 0 of $48,701, its expected cash inflows are $10,000 per year for 8 years, and its WACC is 11%. What is the project's IRR? Round your answer to two decimal places. %