Walmart Inc. is considering a project that requires an initial investment of $450,000. The asset will be depreciated over five years at 20% per year. The projected cash flows are:

Year	Inflow ($)	Outflow ($)
Year 1	140,000	50,000
Year 2	150,000	55,000
Year 3	160,000	60,000
Year 4	170,000	65,000
Year 5	180,000	70,000

a. Calculate the internal rate of return (IRR).
 b. What is the payback period?
 c. Assuming a cost of capital of 8%, what is the net present value (NPV) of the cash flows?
 d. Should Walmart accept the project?