JKL Corporation is considering a project that requires an initial investment of $2,700,000. The project is expected to generate the following net cash flows:

• Year 1: $600,000
• Year 2: $700,000
• Year 3: $800,000
• Year 4: $900,000
• Year 5: $1,000,000

JKL Corporation's required rate of return is 9%.

Questions:

1. Calculate the Net Present Value (NPV) of the project.
2. Determine the Internal Rate of Return (IRR).
3. Discuss whether JKL Corporation should proceed with the project based on the NPV and IRR calculations.