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Read the following paragraph and answer the question#7, 8 & 9. Pound Industries is attempting to select the better of two mutually exclusive projects. The initial investment and after-tax cash inflows associated with these projects are shown in the following table. Cash Flow Project X Project Y Initial investment $100,000 $110,000 Cash inflows (t 1 to 5) 31.500 32,500 Question No. 7: Calculate the payback period for each project and calculate the net present value (NPV) of each project, assuming that the firm has a cost of capital equal to 13% Question No. 8: Calculate the Net Present Value for each project at 7% rate. Question No. 9: Calculate IRR for both the projects