ruture value igure for the projec b. Calculate the IRR of the project using the single future value calculated in the previous step and the initial outlay. It is easy to verify that you will get the same IRR as in your original calculation only if you use the IRR as the rcinvestment rate in the previous step. UESTIONS AND PROBLEMS Calculating Payback [LO2] What is the payback period for the following set of BASIC cash flows? Year Cash Flow 0 -$7,600 1,900 2,900 2,300 1,700 2 40 5 6 8 9