Howell Petroleum, Incorporated, is trying to evaluate a generation project with the following cash flows:

Year Cash Flow

$0$$ $37,000,000$

$155,500,000$

$212,000,000$

a$.$ If the company requires a return of $8$ percent on its investments, what is the NPV of the project?

b$.$ Compute the IRRs for this project.

$-$ Larger IRR

$-$ Smaller IRR