A firm is contemplating a project that involves an initial outlay of $450,000. The project is expected to generate earnings before depreciation and taxes of $100,000 annually for 6 years. Depreciation is charged at 30% on a diminishing balance basis. The salvage value at the end of the project is $50,000. The tax rate is 28%, and the discount rate is 15%.

Requirements:

1. Calculate the annual depreciation for each year.
2. Compute the Net Present Value (NPV).
3. Determine the Internal Rate of Return (IRR).
4. Find the Payback Period.
5. Evaluate the project's acceptability using NPV and IRR criteria.