Aria Acoustics, Inc., (AAI) projects unit sales for a new seven-octave voice emulation implant as follows:

Year Unit Sales

1 113,500

2 132,500

3 120,500

4 103,500

5 89,500

Production of the implants will require $1,610,000 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 $1,460,000 per year, variable production costs are $236 per unit, and the units are priced at $356 each. The equipment needed to begin production has an installed cost of $28,500,000. 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 10 percent of its acquisition cost. AAI is in the 30 percent marginal tax bracket and has a required return on all its projects of 15 percent.

7-Year MACRS Table: Year 1: 14.29%; Year 2: 24.49%; Year 3: 17.49%; Year 4: 12.49%; Year 5: 8.93

Question: What are operating cash flows, change in net working capital, capital spending, and total cash flow for each year of the project? (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

Also, what is the NPV of the project? And what is the IRR? Rounded also to two decimals.