TenTin, Inc. is evaluating a project to replace an old drill press with a new model which costs $42,000 and requires installation costs of $4000 and an additional working capital investment of $1000. The new press is expected to last 5 years with an estimated salvage value of $8000. The old press has a $2000 book value and a $900 salvage value. Revenues are expected to increase by $11,000 per year, and due to decreased maintenance costs, expenses should fall by $3000 per year. The firm has a 40 percent marginal tax rate, a weighted average cost of capital of 14 percent, and will use simplified straight line depreciation to evaluate this project. What is the Initial Outlay for this project? What are the Net Cash Flows per year of this project? What are the one-time, end of project Cash Flows from this project, if any? Evaluate the project using NPV and IRR.