Aria Acoustics, Inc. $($AAI$),$ projects unit sales for a new seven$-$octave voice emulation

implant as follows:

Production of the implants will require $$1,570,000$ in net working capital to start and

additional net working capital investments each year equal to $10$ percent of the

projected sales increase for the following year. Total fixed costs are $$1,470,000$ per year,

variable production costs are $$250$ per unit, and the units are priced at $$365$ each. The

equipment needed to begin production has an installed cost of $$20,700,000.$ Because

the implants are intended for professional singers, this equipment is considered

industrial machinery and thus qualifies as seven$-$year MACRS property. In five years, this

equipment can be sold for about $15$ percent of its acquisition cost. The tax rate is $23$

percent and the required return on the project is $17$ percent. Refer to Table $8\mathrm{.}3.$

a$.$ What is the NPV of the project? $($Do not round intermediate calculations and round

your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ What is the IRR? $($Do not round intermediate calculations and enter your answer as

a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$