A project requires an initial investment of $$100,000$ and is expected to produce a cash inflow before tax of $$27,300$ per year for five years. Company A has substantial accumulated tax losses and is unlikely to pay taxes in the foreseeable future. Company B pays corporate taxes at a rate of $21\%$ and can claim a $100\%$ bonus depreciation immediately on the investment. Suppose the opportunity cost of capital is $10\%.$ Ignore inflation.

Calculate the project NPV for each company.

What is the IRR of the after$-$tax cash flows for each company?