ABC Corp. is considering whether to invest in a new project that is expected to generate $8 million in income and $5 million in expenses in its first year of operation. The tax rate for the country where the project is located is 30%. The project will require an initial investment of $10 million, and it has a useful life of 5 years. Assume that ABC Corp. can deduct the full amount of the initial investment in the first year of operation for tax purposes. Should ABC Corp. invest in this project? Show your calculations and explain your reasoning.