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Texas oil man, James "Jimmie" Swaggert, is evaluating whether to bid on Federal Government land that is opening for oil exploration. He understands that under the new President, Donald Trump, domestic oil exploration and production will be opened up into new territories in land formerly owned and operated as US National Parks. Jimmie's Chief Geologist has taken a look at the land that is immediately for sale and he estimates that this new oil field could be productive for 8 years and then sold to another driller to finish it out. An estimate of the cash flows associated with this project are presented below: Period 0 1 Note: The Geologist thinks Jimmie can win the bid for the land with a price of $650,000,000. 2 3 4 Cash Flows $ (650,000,000) $ 80,000,000 $ 121,000,000 $ 162,000,000 $ 221,000,000 $ 210,000,000 $ 154,000,000 $ 108,000,000 $ 14,000,000 5 6 7 8 Jimmie has indicated to you that he has 12% required return on all of his new oil fields. Requirements: 1. Calculate the Payback Period for this project. Please show your calculation. 2. Calculate the NPV of this project. 3. Calculate the IRR for this project. 4. Based on the analysis above, should Jimmie accept this project? If Jimmie needs the cash back from this project in 40 months, should he accept the project? Why or why not