Company Y intends to launch a new project with the following information:

$-$ The project requires an initial investment in fixed assets of $$6,000,000.$

$-$ This investment will be depreciated straight$-$line over six years to a value of zero.

$-$ When the project comes to an end at the end of five years, the equipment will be sold for

$$600,000.$

$-$ The firm believes that working capital at each date must be maintained at $10\%$ of next

year$$s forecasted sales starting immediately.

$-$ Production costs are estimated at $22\%$ of revenue.

$-$ Sales forecasts $($in $$)$ are given in the following table:

Year $0123456$

Sales $02,000,0002,400,0003,000,0003,500,0004,000,0002,400,000$

$-$ The tax rate is $20\%$ and the discount rate of the project is $10\%.$

Calculate the NPV and IRR of the project.