Based on the following information, calculate and show your work for net present value (NPV), internal rate of return (IRR), and payback for the investment opportunity:

• EEC expects to save $500,000 per year for the next 10 years by purchasing the supplier.
• EEC's cost of capital is 14%.
• EEC believes it can purchase the supplier for $2 million.
• Given this scenario, what is the most EEC would be willing to pay for the supplier?