A project will require an initial investment of $600,000 and is expected to generate the following cash flows: Year 1 $100,000 Year 2 $250,000 Year 3 $250,000 Year 4 $200,000 Year 5 $100,000 (a) What is the project's payback period? (b) If the required rate of return is 20% and taxes are ignored, what is the project's net present value?