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: \begin{tabular}{|c|r|} \hline Initial Investment & $(42,550) \\ \hline Operation & \\ \hline Year 1 & 14,000 \\ \hline Year 2 & 24,000 \\ \hline Year 3 & 19,000 \\ \hline Salvage & 0 \\ \hline \end{tabular} a. Using a discount rate of 10 percent, determine the net present value of the investment proposal. $ b. Determine the proposal's internal rate of return. (Refer to Appendix 24B if you use the table approach.) Hint: You will need to use a trial-and-error approach. Round to the nearest percent. (Example: 0.15268=15% ) % Check