Talias Tutus is considering purchasing a new sewing machine. The old machine it has right now was bought 2 years ago for $30,000, with an assume life of 6 years and an assume salvage value of $5,000. The firm uses straight-line depreciation. The old machine can be sold today for $25,000. If the firm continues using the old machine, it will be salvaged at the end of its life. The new machine can be purchased today for $40,000. The new machine falls in the MACRS 3-year class. With the new sewing machine, the firm is expected to have an additional revenue of $15,000 every year. The variable cost is 40% of the revenue, and the fixed cost is $3,000 each year. If the opportunity cost of capital is 12%, corporate tax rate is 35%, and capital gain tax is 15%, what are the projects NPV and IRR?