Use appropriate formulas and functions in Excel  to calculate the NPV, IRR, and Payback Period based on the provided cash flows and discount rate.

You are considering investing in a renewable energy project. The initial investment required is $500,000. The expected cash flows from the project over the next eight years are as follows: Year 1: $100,000 Year 2: $120,000 Year 3: $150,000 Year 4: $180,000 Year 5: $200,000 Year 6: $230,000 Year 7: $250,000 Year 8: $280,000 Assume a discount rate of 12% for this investment. 1. NPV Calculation: Calculate the Net Present Value (NPV) of the investment using the discounted cash flows. 2. IRR Calculation: Determine the Internal Rate of Return (IRR) for the investment by finding the discount rate that makes the NPV zero. 3. Payback Period Calculation: Determine the Payback Period for the investment, which is the time it takes for the initial investment to be recovered from the cash flows.