The firm is considering the following independent project. The project involves an

investment of $1 million immediately for purchase and installation of equipment. The

machine will be depreciated straight-line over four years to $0. To optimize productivity will require an investment in inventory for the machines inputs of $100,000 immediately. It will also result in an increase in Accounts Receivable of $50,000 immediately. Accounts payable will also increase by an amount of $25,000 immediately. The machine will generate after-tax profits [ebit(1-t)] in the amount of $350,000 at the end of each of the next three years and then only $300,000 in the fourth year. Depreciation is the only non-cash expense. On the last day of the fourth year the machine will be sold for $100,000 and the changes in Accounts Payable, Accounts Receivable, and Inventory will be reversed. Tax Rate is 40%. What are the NPV, IRR, MIRR, payback period and discounted payback period for this project? Should project be accepted?