Project R delegates all the development work to outside companies. The estimated cash flows for Project R are (where brackets indicate expenditure): Beginning of Year 1 (150,000) (contractors' fees) Beginning of Year 2 (250,000) (contractors' fees) Beginning of Year 3 (250,000) (contractors' fees) End of Year 3 1,000,000 (sales) (i) Calculate the net present value for Project R using a discount rate of 20% per annum (ii) Find the internal rate of return for Project R. [15]