Evaluate the financial impact of a new research and development project at Merck using NPV, IRR, and payback period methods.

Investment Components	Initial Investment ($)	Annual Cash Flows ($)	Project Life (years)	Discount Rate (%)
R&D Project	450,000,000	100,000,000	6	6%

Requirements:

Calculate NPV and IRR based on projected cash flows and discount rate.

Determine the payback period for the investment.

Conduct a sensitivity analysis to assess the impact of changes in R&D costs.

Provide recommendations on whether to proceed with the R&D project.