The Pan American Bottling Company 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. Use Appendix B and Appendix

D for an approximate answer but calculate your final answer using the formula and financial calculator methods. YEAR $1$: $22,000$$$,$ YEAR $2,$ $$24,0000.$ YEAR $3,$ $$26,000.$ YEAR $4,$ $$32,000.$ YEAR $5,$ $$14,000$

a$.$ If the cost of capital is $11$ percent, what is the net present value of selecting a new machine?

Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.

References

Net present value

b$.$ What is the internal rate of return?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.