A firm is considering the introduction of a new line of mechanical trousers. It estimates that sales would be equal to $22,500/year for 8 years. In order to begin production, the firm would have to purchase new equipment costing $72,000. This equipment would be depreciated over its 8 year life to a book value of $0. The firm estimates that its production costs would be $8,000/year and new net working capital of $6,000 would be needed immediately. 50% of the working capital would be recovered at the end of year 8. The market value of the equipment is expected to be $15,000 at the end of project. Corporate tax rate is 21% and the required return on investments of this riskiness is 9% APR. What is the NPV and IRR of the mechanical trousers project?