An organization is considering investing in a renewable energy project that requires an initial investment of $2,000,000. The project has a useful life of 10 years with no salvage value. It is expected to generate annual cash flows of $350,000. The tax rate for the organization is 22%. The following are the present value factors for 10 years:

Discount Rate	Cumulative Factors
6%	7.360
8%	6.710
10%	6.145
12%	5.650
14%	5.216

Requirements:

1. Calculate the NPV at each discount rate.
2. Determine the IRR of the project.

Assess the payback period for the investment.