1.A new machine will cost $220,000 and generate after-tax cash inflows of $30,000 for 10 years. Find the NPV if the firm uses a 10% opportunity cost of capital.What is the IRR? What is the payback period?

I started to solve and got stuck.. Please see my section in blue and what I have so far. I would like to see how i can know the IRR and payback period if possible.

Initial cost $220,000

life of the project: 10 years

Annual cash flow: 30,000

required rate of return: 10%

Item

Years(s)

Amount of cash flow

20% factor

Present value of cash flow

annual cash inflow

1-10 years

30,000

initial investment

now

(220,000)

(220,000)

Net Present Value