A project requires an initial investment of $700,000. It is expected to generate the following cash flows over its 5-year life:

• Year 1: $150,000
• Year 2: $200,000
• Year 3: $250,000
• Year 4: $300,000
• Year 5: $350,000

Assuming a discount rate of 8%, answer the following questions:

1. Calculate the Present Value (PV) of each year’s cash flow.
2. Determine the NPV of the project.
3. Based on your NPV calculation, discuss whether the project is financially viable.