Project L requires an initial outlay at t = 0 of $75,659, its expected cash inflows are $14,000 per year for 9 years, and its WACC is 11%. What is the project's IRR? Round your answer to two decimal places. % Project L requires an initial outlay at t = 0 of $45,000, its expected cash inflows are $8,000 per year for 9 years, and its WACC is 11%. What is the project's payback? Round your answer to two decimal places. years