Question 1 (5 marks) An immediate outlay of $45,000 is required to develop and introduce a new product. Anticipated net returns from the marketing of the product are expected to be $12,500 per year for the next 10 years. a. What is the rate of return (IRR) on the investment (express to the nearest 10th of a percent)? b. What is the project's net present value at 16%? c. Should the project be pursued if the company requires a return of 16%