XYZ Inc. is considering investing in a new manufacturing plant. The plant requires an initial investment of $5 million and is expected to generate cash flows of $1.5 million per year for the next five years. The salvage value of the plant at the end of its useful life is estimated to be $500,000. If the company's required rate of return is 10%, calculate the net present value (NPV), internal rate of return (IRR), and payback period for the investment.