1. Suppose Palmer Properties is considering investing $3.5 million today (i.e., Co = -3,500,000) on a new project that is expected to last for 9 years. The project is expected to generate annual cash flows of C = -500,000; C2 = 700,000, C; = 800,000 and then $900,000 for period CA through C, If the discount rate is 10% and management's payback period cutoff is 5 years: (a) What is the payback period for the project? Show your work (b) What is the net present value of the project ? Show your work (c) What is the internal rate of return on the project ? Show your work (d) Under which method(s) above should the company accept the project (applying the acceptance rules)? Explain