Consider a project with the following financial details:

• Initial Investment: $1,000,000
• Expected Cash Flows: Year 1 = $250,000, Year 2 = $300,000, Year 3 = $350,000, Year 4 = $400,000, Year 5 = $450,000
• Discount Rate: 9%

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.