Sunrise Corporation is considering investing in a new manufacturing plant to expand its production capacity. The initial investment for the new plant is $1,000,000. The plant is expected to generate annual cash flows of $300,000 for the next five years. Sunrise Corporation uses a discount rate of 10% for capital budgeting decisions.

a) Calculate the net present value (NPV) of the investment in the new manufacturing plant.

b) Determine the internal rate of return (IRR) for the investment.

c) Evaluate the investment proposal based on the NPV and IRR calculations and provide a recommendation to management.