The Pan American Bottling Co. is considering the purchase of a new machine that would increase the speed of bottling and save money. The net cost of this machine is $57,000. The annual cash flows have the following projections.

Year Cash Flow

1 $22,000

2$24,000

3$26,000

4$32,000

5$14,000

a.If the cost of capital is 11 percent, what is the net present value of selecting a new machine?(Do not round intermediate calculations and round your final answer to 2 decimal places.)

b.What is the internal rate of return?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)