Consider a project with the following financial details:

• Initial Investment: $1,400,000
• Expected Cash Flows: Year 1 = $350,000, Year 2 = $450,000, Year 3 = $550,000, Year 4 = $650,000, Year 5 = $750,000
• Discount Rate: 11%

Questions:

1. Calculate the NPV of the project.
2. Determine the IRR.
3. Evaluate whether the project is a sound investment based on the NPV and IRR.