Comparing all methods. Given the following after-tax cash flow on a new toy for Tylers Toys, find the projects payback period, NPV, and IRR. The appropriate discount rate for the project is 12%. If the cutoff period is six years for major projects, determine whether management will accept or reject the project under the three different decision models.

Initial cash outflow: $10,400,000

Years one through four cash inflow: $2,600,000 each year

Year five cash outflow: $1,200,000

Years six through eight cash inflow: $750,000 each year