A firm is planning a new oil and gas project that is estimated to yield cash flows of -$89 million per year in Years 1 through Year 3, $59 million per year in Years 4 through 5, and $95 million in Years 6 through 9, and $135 million in Years 10 through 15. This investment will cost the company $285 million today (initial outlay) We assume that the firm's cost of capital is 7.5%.

(1) Draw a timeline to show the cash flows of the project .

(2) Compute payback period , net present value (NPV ), profitability index ( PI), internal rate of return (IRR), and modified internal rate of return (MIRR ) .

3) Discuss whether the project should be taken or not.