ABC Medical centre is studying a project that would have an six-year life and require a $1,600,000 investment in equipment. At the end of six years, the project would terminate and the equipment would have no residue value. The project would provide net cash-in each year $500,000. The interest rate is 16%. Required: 1. Compute the present value of net annual cash inflow from the project 2. Is the project acceptable?