Your business school classmate has approached you about partnering with her to open a factory that produces soccer-related products in Brazil. The products are going to be produced with great attention to worker safety and ensuring that the supply chain is carefully analyzed by experts, such as you and your classmates. Her family owns a firm in Brazil, and wants to open a new factory there. You and your classmate both read about Semco and found Richard Semler's story incredibly inspirational. After examining the idea, and reviewing your cashflow projections, honed during your accounting and finance classes in your MBA program, the firm's CFO confirms your projections: revenues next year of $15 million and costs to be $9 million. Both of these are expected to grow at a rate of 25% per year. The firm faces a 35% tax rate, a 14% discount rate. You can depreciate your new investment using the straight line method over the four years, at which point the value of the venture moving forward will be $5 million. (This $5 million is the terminal value that is in year 4 dollars and is the PV of all cash flows year 5 and beyond.) The capital expenditure of this project is $12M.

What is the NPV, IRR and payback of the project? Assume that you have no significant working capital costs.