Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 24% each of the last three years. Casey is considering a capital budgeting project that would require a $5,850,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 20 The project would provide net operating income each year for five years as follows: $5,200,000 Sales 2,320,000 Variable expenses 2,880,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed $880,000 out-of-pocket costs Depreciation 1,170,000 Total fixed expenses 2,050,000 Net operating income 830,000 Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables. Required: 1. What is the project's net present value? (Round discount factor(s) to 3 decimal places.) Net present value 2. What is the project's internal rate of return to the nearest whole percent? Internal rate of return