Hollow Truth Publishers is considering whether to launch a new e$-$magazine. The annual rate of return on a similar risk project is $8\%,$ the cash flows occur semi$-$annually $($at the end of the $6$th and $12$th month$),$ and the publishing company requires a payback period of $2$ years. The finance department has calculated that the required rate of return for all projects that it will consider is $14\%.$ The costs of the project are:

Advertising on various billboards and cable television stations $-$$$210,000$

Hollow Truth$$s accounting department set up charges $-$ $$50,000$

Production costs and employee bonuses$-$ $$250,000$

Last year$$s purchase price for the e$-$magazine's offices $-$ $$470,000$

Potential rental income from the offices if rented to a $3$rd party $-$ $$200,000$

What are the total relevant costs of the project?

Assume the semi$-$annual cash inflows are $$150,000$ and $$200,000$ in year $1,$ and $$250,000$ and $$200,000$ in year $2.$ Calculate the payback, discounted payback and IRR of the project. Based on each criterion, should you accept the project? Why?