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17. (Cash-flow analysis) Kane Running Shoes is consi analysis) Kane Running Shoes is considering the manufacturing shoe for race walking that will indicate if an athlete is running ppens if neither of the walker's legs are touching the ground simulta- neously). The chief economist of the company presented the following cal- culation for Smart Walking Shoes (SWS): R&D: $200,000 annually today and in each of the next 3 years (years 0, ..., 3). Production and sales: Can only begin in year 4, after an appropriate machine is purchased at the end of year 3. Expected life span of project: 10 years from purchase of the machine in year 4. Investment in machinery: $250,000 (at t = 3); expected life span of the machine, 10 years. The machine will produce in years 4. 5,..., 13. Expected annual sales: 5,000 pairs of shoes at $150 per pair. Fixed costs: $300,000 annually. Variable costs: $50 per pair of shoes. Kane's discount rate is 12%, the corporate rate is 35%, and R&D expenses are tax deductible against other profits of the company. Assume that at the end of the project (i.e., after year 13), the new technology will have been superseded by other technologies and therefore have no value. Compute the NPV and the IRR of the project