Lee Pharmaceutical is considering a project that requires a new piece of lab equipment that they purchase today for $80,000. It will depreciate on a straight-line basis over 10 years, after which it has a salvage value of $25,000. The new project is expected to produce $50,000 in yearly revenue and $7,500 per year of labor and maintenance, and $10,000 in yearly fixed costs. Revenues and expenses are increased by 3% inflation each year.The cost of capital for this type of equipment is 21%. Provide the net present value and IRR of the project.