A project with an initial investment of $190,000 is expected to produce the following net cash flows:

• Year 1: $28,000
• Year 2: $38,000
• Year 3: $48,000
• Year 4: $58,000
• Year 5: $68,000
• Year 6: $78,000

Requirements:

1. Compute the cumulative cash flows each year.
2. Determine the payback period.
3. Calculate the project's NPV at a 9% discount rate.
4. Compute the IRR.
5. Evaluate the PI.