1. Project L requires an initial outlay at t = 0 of $25,000, its expected cash inflows are $5,000 per year for 9 years, and its WACC is 11%. What is the project's discounted payback? Do not round intermediate calculations. Round your answer to two decimal places.

2. Project S requires an initial outlay at t = 0 of $18,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L requires an initial outlay at t = 0 of $28,500, and its expected cash flows would be $10,550 per year for 5 years. If both projects have a WACC of 13%, which project would you recommend?

3. A project has annual cash flows of $6,000 for the next 10 years and then $11,000 each year for the following 10 years. The IRR of this 20-year project is 12.53%. If the firm's WACC is 12%, what is the project's NPV? Do not round intermediate calculations. Round your answer to the nearest cent.