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Consider the following cash flows of two mutually exclusiveprojects for Tokyo Rubber Company. Assume the discount rate forboth projects is 7 percent.YearDry PrepregSolvent Prepreg0–$1,870,000–$835,00011,117,000460,0002934,000770,0003767,000424,000  a.What is the payback period for both projects? (Do notround intermediate calculations. Round your answers to 2 decimalplaces, e.g., 32.16.)b.What is the NPV for both projects? (Do not roundintermediate calculations. Round your answers to 2 decimal places,e.g., 32.16.)c.What is the IRR for both projects? (Do not roundintermediate calculations and enter your answers as a percentrounded to 2 decimal places, e.g., 32.16.)d.Calculate the incremental IRR for the cash flows. (Donot round intermediate calculations and enter your answer as apercent rounded to 2 decimal places, e.g., 32.16.)