LMN Ltd. is considering a new project which requires an initial investment of $6,000,000. The project is expected to generate the following cash flows over its five-year life:

• Year 1: $1,200,000
• Year 2: $1,500,000
• Year 3: $1,800,000
• Year 4: $2,200,000
• Year 5: $2,500,000

Requirements:

1. Calculate the NPV using a discount rate of 9%.
2. Calculate the IRR.
3. Calculate the payback period.
4. Calculate the discounted payback period.
5. Discuss whether the project should be accepted or rejected based on the above calculations.