2. We expect that the cash flows over the next 8-year life of the project will be: $1,000 in the first 4 years, $2,000 in the next 3 years, and $3,000 in the last year. It will cost about $6,000 to begin production. We use a discount rate of 10% per year compounded annually. The target payback period is 5.5 years. Part I: What is the NPV of this project and do we accept or reject the project? Part II: What is the IRR of this project and do we accept or reject the project? Part III: What is the payback period of this project and do we accept or reject the project? (50 points) Show your calculation to get full points. Check your answer: NPV = $1,966.49 and IRR = 16.81% Answer: Part 1: Part II: Part