1. A project has an initial cost of $82,311 and promises to pay a fixed cash flow per year for 3 years. It has been determined that using a discount rate of 12.6 percent, its net present value is $149,114. What must be the expected annual cash flow?
2. A project has the following cash flows for years 0 through 3, respectively: -14,310, 5,128, 5,699, 12,965. What is the payback period?