McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $865 per set and have a variable cost of $425 per set. The company has spent $340,000 for a marketing study that determined the company will sell 70,600 sets per year for seven years. The marketing study also determined that the company will lose sales of 13,800 sets of its high-priced clubs. The high-priced clubs sell at $1,235 and have variable costs of $695. The company will also increase sales of its cheap clubs by 15,800 sets. The cheap clubs sell for $455 and have variable costs of $245 per set. The fixed costs each year will be $10,750,000. The company has also spent $2,900,000 on research and development for the new clubs. The plant and equipment will cost $39,200,000 and will be depreciated on a straight-line basis to zero over the life of the project. After 7 years the equipment will be sold for 1,250,000. The new clubs will also require an increase in net working capital of $3,600,000. The tax rate is 21 percent, and the cost of capital is 12 percent. What are the NPV and IRR of the project?