Project Evaluation $[$LO$1]$ Aria Acoustics, Inc. $($AAI$),$ projects unit sales for a new seven$-$octave voice emulation implant as follows:

$\backslash$table$[[$Year$,$Unit Sales$],[1,71,000],[2,84,000],[3,103,000],[4,95,000],[5,64,000]]$

Production of the implants will require $$2\mathrm{.}3$ million in net working capital to start and additional net working capital investments each year equal to $15$ percent of the projected sales increase for the following year. Total fixed costs are $$2\mathrm{.}9$ million per year, variable production costs are $$285$ per unit, and the units are priced at $$410$ each. The equipment needed to begin production has an installed cost of $$14\mathrm{.}8$ million. Because the implants are intended for professional singers, this equipment is considered industrial machinery and thus qualifies as seven$-$year MACRS property. In five years, this equipment can be sold for about $20$ percent of its acquisition cost. The tax rate is $21$ percent and the required return is $18$ percent. Based on these preliminary project estimates, what is the NPV of the project? What is the IRR?