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1. Handy Tools is evaluating the possibility of offering a new top-of-the-line table saw model The company has commissioned a marketing study that cost $10,000 and projects that first year sales of the new saw model will be 15,000 units at the proposed price of $4,250. Sales are expected to grow 4% in years 2 and 3 and 6% in years 4 and 5, and 5% in years 6 and 7. The product will be discontinued after year 7. Direct cost for the new model is estimated at $2,200 per unit The market study also estimates the introduction of the new model will erode sales of the current top model by a constant 2,000 units per year. The current top model has a price of $3,250 and associated costs of $1,725 per unit. Associated sales and marketing expense is estimated at 30% of new model revenue. The required tooling and machinery to manufacture the new model will cost a total of $23,000,000, and this will be depreciated on a straight-line basis over the seven-year life of the project to zero. The company expects to be able to sell the machinery at the end of the project for $3,000,000. There will also be fixed costs associated with the new model of $6,000,000 per year. The new model will require an increase in working capital of $500,000 which will be returned at the end of the project. Handy Tools has a tax rate of 25%, and management believes that the discount rate for this project should be 12%. What is the NPV of this project? What is the IRR