7. You are evaluating a potential new project. The initial cost associated with this project is $695,000. The project has an expected life of 7 years. The estimated cash flows for this project in years 1 through 7 are: a. Year 1: b. Year 2: c. Year 3: d. Year 4: e. Year 5: f. Year 6: g. Year 7: $95,000 $115,000 $175,000 $240,000 $300,000 $275,000 $180,000 I a. Calculate the net present value of this project, using a discount rate of 14%. b. What is the internal rate of return of this project