(NPV and IRRcalculation)East Coast Television is considering a project with an initial outlay of$X (you will have to determine thisamount). It is expected that the project will produce a positive cash flow of $51,000 a year at the end of each year for the next 16 years. The appropriate discount rate for this project is 9 percent. If the project has an internal rate of return of 14 percent, what is theproject's net presentvalue?

a.If the project has an internal rate of return of 14%, then theproject's initial outlay is $?