Winston Clinic is evaluating a project that costs $52,125 and has expected net cash flows of $12,000 per year for eight years. The first inflow occurs one year after the cost outflow, and the project has a cost of capital of 12 percent. a. What is the project's payback? b. What is the project's NPV? Its IRR? c. Is the project financially acceptable? Explain your answer. Here is a table of cash flows for the project: Annual Cash Flow Cumulative Cash Flow Year 0$52,125 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 -$52,125 $40,125 -$28,125 -$16,125 -$4,125 $7,875 $19,875 S31,875 $43,875 3 4 Spreadsheet solution: Payback NPV IRR