A manufacturing company is evaluating the purchase of new equipment costing $500,000. The equipment has a useful life of 6 years with no salvage value. The company expects to generate annual net cash flows of $120,000 from this investment. The company's tax rate is 40%. The present value factors for 6 years are as follows:

Discount Rate	Cumulative Factor
10%	4.355
12%	4.111
14%	3.889
16%	3.685
18%	3.498

Requirements:

1. Calculate the Net Present Value (NPV) of the equipment at each discount rate.
2. Determine the Internal Rate of Return (IRR) of the equipment.
3. Assess if the investment is worthwhile if the company's required rate of return is 14%.
4. Compute the payback period for the investment.