Farmer Peter sows a certain crop. It costs $50,000 to buy the seed, prepare the ground, and sow the crop. One year from now, it will cost $30,000 to harvest the crop and the crop will be sold for $100,000. Suppose the farmer's cost of capital is 12%.

a. What is the net present value (NPV) of this investment? Show calculations. Round to two decimal places.

b. What is the internal rate of return (IRR) of this investment? Show calculations. Round to two decimal places.