You are considering a project that will cost $2M today and will pay $500K each year for the next seven years (starting in exactly one year). You have been informed that the projects opportunity cost of capital is 12% and that the companys payback rule is 5 years. What is the payback period of the project? (3 pts) Based on the payback rule, should you pursue the project? (1 point) What is the IRR of the project? (Round to two decimals) (3 pts) Based on the IRR rule, should we pursue this project? (1 point)