efficiency. Buying a new machine press for $413,000 is estimated to result in $153,000 in annual pretax cost savings. The press will have a salvage value at the end of the project of $54,000. The special IRA approved yearly depreciation schedule for the press is below. The press also requires an initial investment in spare parts inventory of $15,900, along with an additional $2,900 in inventory for each succeeding year of the project. The shop's tax rate is 24 percent and its discount rate is 11 percent. D1=$413,000(.2000)=$82,600D2=$413,000(.3200)=$132,160D3=$413,000(.1920)=$79,296D4=$413,000(.1152)=$47,578 Calculate the NPV and the IRR of this project