XYZ Manufacturing is considering the acquisition of a new machine to expand its production capacity. The machine costs $$2,500,000$ and has a useful life of $8$ years with no salvage value. It is expected to generate additional revenues of $$800,000$ per year. Operating expenses, excluding depreciation, are projected to be $$200,000$ per year. The company uses straight$-$line depreciation and is subject to a $30\%$ corporate tax rate. XYZ$\text{'}$s cost of capital is $12\%.$

Calculate the following:

The annual depreciation expense.

The after$-$tax operating cash flows.

The Net Present Value $($NPV$)$ of the project.

The Internal Rate of Return $($IRR$).$

The Modified Internal Rate of Return $($MIRR$).$

Should XYZ Manufacturing proceed with the acquisition of the new machine?