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3. Dog Up! Franks is looking at a new sausage system with an installed cost of $480,000. This cost will be depreciated straight-line to zero over the project's 5-year life, at the end of which the sausage system has a salvage value of $70,000. The sausage system will save the firm $160,000 per year in pretax operating costs, and the system requires an initial investment in net working capital of $29,000, which can be recouped at the end of the project. If the tax rate is 34% and the appropriate discount rate is 10%, what is the NPV of this project? What is its IRR