To solve this problem, we need to calculate both the Net Present Value (NPV) and the Internal Rate of Return (IRR) for the project, given the cash flows and the required return rate.

Given Data:

• Year 0: Cash Flow = $-\$1,340,000$
• Year 1: Cash Flow = $\$515,000$
• Year 2: Cash Flow = $\$580,000$
• Year 3: Cash Flow = $\$475,000$
• Year 4: Cash Flow = $\$430,000$
• Required Return = 15%
• Reinvestment Rate = 4%

Steps to Calculate NPV:

1. The NPV formula is: $\text{NPV} = \sum \frac{C_t}{(1 + r)^t}$ where:

   • $C_t$ is the cash flow at time $t$.
   • $r$ is the discount rate (required return).
   • $t$ is the year (time period).

2. Substitute the values into the NPV formula and calculate.

Steps to Calculate IRR:

• The IRR is the discount rate that makes the NPV of the project zero: $0 = -1,340,000 + \frac{515,000}{(1 + \text{IRR})^1} + \frac{580,000}{(1 + \text{IRR})^2} + \frac{475,000}{(1 + \text{IRR})^3} + \frac{430,000}{(1 + \text{IRR})^4}$
• We solve this equation iteratively or use a financial calculator/software to find IRR.

Let's calculate these values.