Chevron Corporation is evaluating a potential investment opportunity in a new oil exploration project. The project requires an initial investment of $5,000,000 and is expected to generate annual cash inflows of $1,500,000 for the next five years. Chevron's cost of capital is 8%.

Calculate the net present value (NPV) and internal rate of return (IRR) of the investment project. Provide a recommendation on whether Chevron should proceed with the project based on the NPV and IRR results.