A company wishes to invest in an item of equipment costing GHS $75$ million to be use for the next five years as part of its strategic management policies to increase sales. In the first year. sales is expected to be GHS $60$ million and there after increase by $5\%$ a year for the next four years. Variable cost has always been maintained at $50\%$ of sales. Annual Fixed cost is GHS $20$ million in the first three years rising to GHS $30$ million in the final two years. Of this fixed cost, $40\%$ would be avoided if the project did not go ahead. The scrap value of the equipment. at the end of the economic life would be GHS $5$ million. The project will also require investment in working capital of GHS $15$ million at the start of the project and rise to GHS $20$ million in year $1$ and to GHS $25$ million in year $3.$ The company cost of capital is $9\%.$ Required:

Advise management whether the project should be undertaken using NPV and IRR.