Assume that Goodrich Petroleum Corporation is evaluating a capital expenditure proposal that has the following predicted cash flows:

Initial Investment $(48,660)

Operation

Year 1 16,000

Year 2 26,000

Year 3 21,000

Salvage 0

a. Using a discount rate of 10 percent, determine the net present value of the investment proposal.

$???

b. Determine the proposal's internal rate of return. (Refer to Appendix 12B if you use the table approach.)

Round to the nearest percent. (Example: 0.15268 = 15%)

???%