$($Related to Checkpoint $11\mathrm{.}1$ and Checkpoint $11\mathrm{.}4)($NPV and IRR calculation$)$ East Coast Television is considering a project with an initial outlay of $$x($you will have to determine this amount$).$

It is expected that the project will produce a positive cash flow of $$56,000$ a year at the end of each year for the next $14$ years. The appropriate discount rate for this project is $7$ percent. If the project

has an internal rate of return of $9$ percent, what is the project's net present value?

a$.$ If the project has an internal rate of return of $9\%,$ then the project's initial outlay is $$436024\mathrm{.}42.($Round to the nearest cent.$)$

b$.$ If the discount rate is $7\%,$ then the project's NPV is $

$($Round to the nearest dollar.$)$