Project L requires an initial outlay at t = 0 of $70,000, its expected cash inflows are $16,000 per year for 9 years, and its WACC is 13%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places.

_____years

A company is analyzing two mutually exclusive projects, 5 and L, with the following cash flows: 0 1 2 3 4 Projects $1,000 $879.47 $260 $5 $10 Project L $1,000 $10 $240 $380 $800.52 The company's WACC is 9.5%. What is the IRR of the better project? (Hint: The better project may or may not be the one with the higher [RR.) Round your answer to two decimai places. We