A manufacturing company is planning to invest in a new machine. The initial cost of the machine is $120,000. The machine will generate annual cash flows of $20,000 for the next 8 years. The required rate of return is 11%. Calculate the NPV and IRR of this investment. Complete the table below to show your calculations.

Year	Cash Flow	Present Value
1	$20,000
2	$20,000
3	$20,000
4	$20,000
5	$20,000
6	$20,000
7	$20,000
8	$20,000
Initial Investment	$120,000
NPV
IRR (est)