A new startup has just received $500,000 in funding and plans to use this capital to invest in various projects over the next 5 years. The startup's first project is expected to generate a net income of $100,000 in the first year, increasing by 10% each year for the next four years. Calculate the following:

1. The net income for each of the next four years
2. The Internal Rate of Return (IRR)
3. The Payback Period

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