A project requires a $1 million initial investment, and will yield incremental after-tax cash flows of $225,000 per year for 5 years. What is the NPV of the project if the required return is 12% APR compounded annually?

A project requires a $1 million initial investment, and will yield incremental after-tax cash flows of $225,000 next year, and this will decline forever at rate of g = -5% per year. What is the IRR of the project, stated as an APR compounded annually?