Your firm has been hired to develop new software for the university's class registration system. Under the contract, you will receive $509,000 as an upfront payment. You expect the development costs to be $447,000 per year for the next 3 years. Once the new system is in place, you will receive a final payment of $872,000 from the university 4 years from now. If your cost of capital is 10 %, should you accept or reject the project?

Group of answer choices

Accept because IRR > cost of capital

Reject because NPV < 0

Reject because IRR < cost of capital

Accept because NPV > 0