A shale oil production project will cost $300,000 upfront but generate $70,000 at the end of each year for the first 4 years, and $30,000 at the end of each year in the following 3 years. No value will remain after that. Calculate the net present value of the project at 5% annual opportunity cost of capital. Calculate the internal rate of return of the above project. (Ignore 5% opportunity cost of capital in the last question.)