Consider an investment with the following details:

• Initial outlay: $110,000
• Expected rate of return: 9%
• Cash inflows for the next 6 years:
  • Year 1: $18,000
  • Year 2: $22,000
  • Year 3: $26,000
  • Year 4: $30,000
  • Year 5: $34,000
  • Year 6: $38,000

Calculate:

1. The NPV of the project.
2. The IRR of the project.

Complete the table for present values and summary calculations.

Year	Amount	Present Value
1	$18,000
2	$22,000
3	$26,000
4	$30,000
5	$34,000
6	$38,000
Initial Investment	$110,000
NPV
IRR (est)