What are the steps and how do calculate the NPV for a 8 year project with and inital investment of 1,250,000 and a 4% rate, If the numbers are year 1 is 250,000, year 2 250,000, year 3, 250,000, year 4 250,000, year 5 400,000, year 6 400,000, year 7 400,000 year 8 400,000.

How do you find the IRR and the payback for this example as well.