MNO Corp. is considering investing in a new project that requires significant capital expenditure. Evaluate the capital budgeting techniques that MNO Corp. can use to assess the viability of the project, including net present value (NPV), internal rate of return (IRR), and payback period. The initial investment for the project is $2,000,000, and the expected cash flows are $500,000 per year for the next five years. Discuss the advantages and limitations of each technique and recommend the most suitable approach for MNO Corp. to make informed investment decisions.