Questions B4 and B5 are based on the following information. A project has an initial outlay of $50,000 and its expected net cash flows are $12,000 per year for the next eight years. The project is evaluated using a required rate of return of 12% pa. B4. The project's net present value is closest to: a) -$40,433. b) -$9,612. c) $9,612. d) $40,433. B5. The project's internal rate of return is closest to: a) 9.5%. b) 11.3%. c) 14.6%. d) 17.3%