Bill is considering a four-year project to improve its production efficiency. Buying a new machine press for $413,000 is estimated to result in $153,000 in annual pretax cost savings. The press will have a salvage value at the end of the project of $54,000. The special IRA approved yearly depreciation schedule for the press is below. The press also requires an initial investment in spare parts inventory of $15,900, along with an additional $2,900 in inventory for each succeeding year of the project. The shops tax rate is 24 percent and its discount rate is 11 percent.

D₁ = $413,000(.2000) = $82,600

D₂ = $413,000(.3200) = $132,160

D₃ = $413,000(.1920) = $79,296

D₄ = $413,000(.1152) = $47,578

Calculate the NPV and the IRR of this project and show your work in Excel.