Ironwood Charities is considering an investment in one of their buildings that is expected to return the following cash flows: Use Exhibit A.8.

Year	Net Cash Flow
1	$ 22,000
2	34,000
3	50,000
4	65,000
5	55,000

This schedule includes all cash inflows from the project, which will also require an immediate $180,000 cash outlay. The organization is tax-exempt; therefore, taxes need not be considered.

Required:

a. What is the net present value of the project if the appropriate discount rate is 8 percent?

b. What is the net present value of the project if the appropriate discount rate is 4 percent?