BMW Ltd is considering investing in a new electric vehicle project with the following forecasted details: Initial amount invested is R2,000,000 and expected residual value is R140,000.

Year	Cashflows	Discount factor
Year 1	R500,000	0.909
Year 2	R510,000	0.826
Year 3	R520,000	0.751
Year 4	R530,000	0.683
Year 5	R540,000	0.621

Assuming that the cost of capital for the company is 8%. The cash flows are after tax and depreciation is charged at R140,000 per year. Tax rate is 26%.

Required:

Calculate each of the following: 

1.1.1. Net Present Value (NPV) (10) 

1.1.2. Internal Rate of Return (IRR) (10)