A mining company is considering a new project. Because the mine has received a permit, the project would be legal; but it would cause significant harm to a nearby river. The firm could spend an additional $

$11$

$$

$$

million at Year

$0$

$$

$$

to mitigate the environmental problem, but it would not be required to do so

$.$

$$

$$

Developing the mine

$($

without mitigation

$)$

$$

$$

would require an initial outlay of $

$69$

$$

$$

million

$,$

$$and the expected cash inflows would be $

$23$

$$

$$

million per year for

$5$

$$

$$

years

$.$

$$If the firm does invest in mitigation, the annual inflows would be $

$24$

$$

$$

million

$.$

$$The risk

$-$

adjusted WACC is

$15$

$\%$

$.$

Calculate the NPV and IRR with mitigation. Enter your answer for NPV in millions. For example, an answer of $

$10$

$,$

$550$

$,$

$000$

$$

$$

should be entered as

$10\mathrm{.}55$

$.$

$$

$$

Do not round intermediate calculations. Round your answers to two decimal places.

NPV: $ million

IRR:

$\%$

Calculate the NPV and IRR without mitigation. Enter your answer for NPV in millions. For example, an answer of $

$10$

$,$

$550$

$,$

$000$

$$

$$

should be entered as

$10\mathrm{.}55$

$.$

$$

$$

Do not round intermediate calculations. Round your answers to two decimal places.

NPV: $ million

IRR: