NPV and IRR: Unequal Annual Net Cash Inflows Assume that Goodrich Petroleum Corporation is evaluating a capital expenditure proposal that has the following predicted cash flows:

Initial Investment	$(42,550)
Operation
Year 1	14,000
Year 2	24,000
Year 3	19,000
Salvage	0

a. Using a discount rate of 10 percent, determine the net present value of the investment proposal. $Answer ?? (Round answer to the nearest whole number.)

b. Determine the proposal's internal rate of return. (Refer to Appendix 12B if you use the table approach.) Round to the nearest percent. (Example: 0.15268 = 15%) Answer ??%

Please show your working in steps