An investment of €800,000 is proposed for a new product line with the following projected earnings (before depreciation and taxes) over five years:

Year	Earnings (€)
1	180,000
2	190,000
3	200,000
4	210,000
5	220,000

The project requires straight-line depreciation at 20%, with a salvage value of €100,000 at the end of five years. The company's tax rate is 35%, and the cost of capital is 11%.

Requirements:

1. Calculate the annual depreciation.
2. Compute the Net Present Value (NPV).
3. Determine the Internal Rate of Return (IRR).
4. Calculate the Payback Period.

Assess the project based on the NPV and IRR.