ABC Ltd is evaluating a new project with the following forecasted details: Initial amount invested is R600,000 and expected residual value is R60,000.

Year	Cashflows	Discount factor
Year 1	R110,000	0.909
Year 2	R190,000	0.826
Year 3	R170,000	0.751
Year 4	R110,000	0.683
Year 5	R100,000	0.621

Assuming that the cost of capital for the company is 12%. The cash flows are after tax and depreciation is charged at R50,000 per year. Tax rate is 25%.

Required: 1.1 Calculate each of the following: 1.1.1 Net Present Value (NPV) 1.1.2 Internal Rate of Return (IRR)