Please solve it by hand so that I can understand the steps.

6. A project has the following total (or net) after-tax cash flows.

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Year Total (or net) after-tax cash flow

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1 $1,000,000 2 1,500,000 3 2,000,000 4 2,500,000

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The required rate of return on the project is 15 percent. The initial investment (or initial cost or initial outlay) of the project is $4,000,000. a) Find the (regular) payback period of the project. b) Compute the discounted payback period of the project. c) Find the net present value (NPV) of the project. d) Find the profitability index (PI) of the project. e) Calculate the modified internal rate of return (MIRR) of the project.