Project L requires an initial outlay at t=0 of $56,822, its expected cash inflows are $11,000 per year for 8 years, and its WACC is 12%. What is the project's IRR? Round your answer to two decimal places. % Project L requires an initial outlay at t=0 of $75,000, its expected cash inflows are $14,000 per year for 11 years, and its WACC is 9%. What is the project's payback? Round your answer to two decimal places. years