A food processing company is considering replacing essential machinery. Cost and relevant cash flow details are provided in the table at the right. The company requires an $11\%$ return on its capital.

a$)$ What is the present value of the yearly cash flows? Use a Time Value of Money function for full credit. $($round to nearest dollar$)$

b$)$ What is the net present value of the project? $($round to nearest dollar$)$

c$)$ What is the internal rate of return of the project? Use a Time Value of Money function for full credit. $($round to two decimal places$)$

Answers are listed below.