DEF Inc. is evaluating a project that requires an initial outlay of $600,000. The project will generate cash inflows of $120,000 annually for 6 years. The company's discount rate is 11%. The present value factors are:

Year	PV Factor at 11%
1	0.901
2	0.812
3	0.731
4	0.659
5	0.593
6	0.534

Requirements:

1. Compute the total present value of cash inflows.
2. Calculate the NPV.
3. Determine the payback period.
4. Calculate the IRR.
5. Recommend whether the project should be accepted.