An initial investment of $300,000 is required for a project. The net cash flows expected are as follows:

Year	Net Cash Flows
1	$60,000
2	$70,000
3	$80,000
4	$90,000
5	$100,000
6	$110,000

Requirements:

1. Calculate the cumulative net cash flows.
2. Determine the payback period.
3. Compute the NPV at a 6% discount rate.

Calculate the IRR.