(Related to Checkpoint 11.1 and Checkpoint 11.4)(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

$45,000

a year at the end of each year for the next

16

years. The appropriate discount rate for this project is

8

percent. If the project has an internal rate of return of

10

percent, what is the project's net present value?a.If the project has an internal rate of return of

10%,

then the project's initial outlay is

$nothing.

(Round to the nearest cent.)b.If the discount rate is

8%,

then the project's NPV is

$nothing.

(Round to the nearest dollar.)