NPV and IRR: Unequal Annual Net Cash Inflows Salt River Company is evaluating a capital expenditure proposal that has the following predicted cash flows: \begin{tabular}{|l|r|} \hline Initial investment & $(55,190) \\ \hline Operation & \\ \hline Year 1 & 30,000 \\ \hline Year 2 & 20,000 \\ \hline Year 3 & 20,000 \\ \hline Salvage & 0 \\ \hline \end{tabular} (a) Using a discount rate of 12 percent, determine the net present value of the investment proposal. (Round to the nearest whole number.) $ (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 whole percentage.) %