TechnoCorp Ltd. is planning to invest in new software to improve its operational efficiency. The software costs $500,000 and is expected to last 8 years with no salvage value. It will be depreciated using the straight-line method. The project requires additional working capital of $60,000, which will be recovered at the end of year 8. The company's required rate of return is 10%.

Cash Flows:

Year	Cash Flow
1	$100,000
2	$150,000
3	$200,000
4	$220,000
5	$180,000
6	$160,000
7	$140,000
8	$120,000

Requirements:

1. Calculate the Payback Period (PP).
2. Determine the Net Present Value (NPV).
3. Calculate the Internal Rate of Return (IRR).
4. Assess if the investment is acceptable based on the NPV and IRR criteria.