McGilla Golf is evaluating a new line of golf clubs. The clubswill sell for $920 per set and have a variable cost of $410 perset. The company has spent $137,500 for a marketing study thatdetermined the company will sell 46,500 sets per year for sevenyears. The marketing study also determined that the company willlose sales of 8,700 sets of its high-priced clubs. The high-pricedclubs sell at $1,420 and have variable costs of $550. The companyalso will increase sales of its cheap clubs by 11,300 sets. Thecheap clubs sell for $410 and have variable costs of $140 per set.The fixed costs each year will be $9,250,000. The company has alsospent $975,000 on research and development for the new clubs. Theplant and equipment required will cost $28,350,000 and will bedepreciated on a straight-line basis to a zero salvage value. Thenew clubs also will require an increase in net working capital of$2,290,000 that will be returned at the end of the project. The taxrate is 24 percent and the cost of capital is 15 percent. Calculatethe payback period. (Do not round intermediate calculations andround your answer to 3 decimal places, e.g., 32.161.) Calculate theNPV. (Do not round intermediate calculations and round your answerto 2 decimal places, e.g., 32.16.) Calculate the IRR. (Do not roundintermediate calculations and enter your answer as a percentrounded to 2 decimal places, e.g., 32.16.)