Example of both approaches: Penny Plate, Inc. is considering investing in a new stamping machine that will involve the following estimated cash flows. Evaluate this investment assuming a required rate of return of 11%. 0 1 2 3 4 (145,000) 53,000 66,000 65,000 46,000 e Evaluation by the NPV method Evaluation by the IRR method ^^ ^ Evaluation by the payback method