A project requires an initial, up-front (at t=0) capital expenditure of $11,820. It then generates constant annual cash inflows for the next 21 years of $800 with the first payment due at t=1. After...

A project requires an initial, up-front (at t=0) capital expenditure of $11,820. It then generates constant annual cash inflows for the next 21 years of $800 with the first payment due at t=1. After this period, payments grow at a rate of 2.0% annually and are paid in perpetuity.

a.
At an annual discount rate of 6.0%, the net present value of this project is $

b.
Given this, the IRR of the project is less than 6.0?