A company is considering purchasing a new piece of equipment for $$8,000.$

The equipment has a useful life of $5$ years and will produce annual cash flows of $$1,500$ for the first two years, $$2,500$ in the third year, and $$3,500$ in the fourth and fifth years.

The company uses a discount rate of $14\%.$

Calculate the project's discounted payback period assuming end$-$of$-$year cash flows.

Calculate the project's IRR.

Should the project be undertaken? Verify your answer by computing the project's NPV$.$