The Renn project costs $24,000, and its expected net cash inflows are $7, 100 per year for 8 years. What is the project's payback period? What is the project's net present value (NPV), profitability index (PI), and internal rate of return (IRR) assuming a cost of capital of 9%? Calculate the projects modified internal rate of return (MIRR) assuming a cost of capital of 9%. What is the payback period of the Renn project? The payback period of the Renn project is years. (Round to two decimal places.)