Hunter, Inc., is considering a project that would have a seven-year life and would require a $1,500,000 investment in equipment. At the end of seven years, the project would terminate and the equipment would have no salvage value. The project would provide net operating income each year as follows: Sales Variable Expenses Contribution Margin $850,000 450,000 400,000 Fixed Expenses: Fixed out-of-pocket cash expenses 50,000 Depreciation 130,000 180,000 Net Operating Income $220,000 All of the above items, except for depreciation, represent cash flows. The company's required rate of return is 8%. Required: a. Compute the project's net present value. b. Compute the project's internal rate of return to the nearest whole percent. c. Compute the project's payback period.