BlueWave Co. plans to upgrade its manufacturing equipment for $400,000, expected to last 7 years. The equipment will be depreciated using the straight-line method. The upgrade requires $70,000 in additional working capital, to be recovered at the end of year 7. The company's discount rate is 14%.

Cash Flows:

• Year 1: $80,000
• Year 2: $100,000
• Year 3: $120,000
• Year 4: $140,000
• Year 5: $160,000
• Year 6: $180,000
• Year 7: $200,000

Requirements:

1. Determine the Payback Period.
2. Calculate the NPV.
3. Compute the IRR.
4. Calculate the Modified Internal Rate of Return (MIRR).

Assess the project based on NPV, IRR, and MIRR.