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 ($82,850) Operation Year 1 30,000 Year 2 50,000 Year 3 40,000 Salvage 0 Required: a. Using a discount rate of 12 percent, determine the net present value of the investment proposal. b. Determine the proposals internal rate return. (Refer to Appendix 12B if you use the table approach.)