ABC Company is evaluating an investment opportunity to upgrade its manufacturing equipment. The initial investment required is $2,000,000. The project is expected to generate cash inflows of $500,000 annually for the next 8 years. In addition, the salvage value of the equipment at the end of the project's life is estimated to be $400,000. Calculate the net present value (NPV), internal rate of return (IRR), and payback period for this investment. Provide a detailed analysis of the investment's financial viability, considering the discount rate of 8%, potential risks, and strategic implications for ABC Company's long-term growth.