An investor is evaluating a project that requires an initial investment of $250,000. The project is expected to generate the following cash flows over its 5-year life: Year 1: $50,000, Year 2: $70,000, Year 3: $90,000, Year 4: $110,000, Year 5: $130,000. The investor's required rate of return is 10%.

Requirements:

1. Compute the payback period of the project.
2. Calculate the internal rate of return (IRR) of the project.
3. Determine the Net Present Value (NPV) of the project.
4. Assess the profitability index (PI) of the project.
5. Based on the NPV and IRR, should the investor proceed with the project?