An energy company is considering a solar project costing $1,200,000 with an expected life of 8 years and no residual value. The project is anticipated to generate annual net income after depreciation of $300,000. The tax rate is 32%. The present value factors are:

Discount Rate	Present Value Factor
8%	6.210
10%	5.334
12%	4.968
14%	4.422
16%	3.936

Requirements:

1. Calculate the annual depreciation expense.
2. Determine the annual after-tax cash flows.
3. Evaluate the NPV for each discount rate.
4. Calculate the project's IRR.
5. Make a recommendation.