What is the payback period for the following set of cash flows (answer should include the fraction of the last year needed for a full payback)? What is the IRR?
Year 0 = -256,000,
Year 1 = 35,000,
Year 2 = 77,000,
Year 3 = 84,000,
Year 4 = 84,000,
Year 5 = 73,000.