Please assist with the given problem:
Your company is considering investing in a new plant. The initial investment is $220 million, obtainable at the end of the plant's useful life in ten years. Your company uses straight line depreciation (seven years). The net income from the project is expected to be $28 million per year. Your cost of capital is 12% and corporate tax rate is 34%.
Calculate the NPV of the project and IRR. Should project be accepted or rejected. Explain answer.