XYZ Corp is considering a new project with an initial investment of $1,500,000. The project is expected to generate the following net cash flows:

• Year 1: $400,000
• Year 2: $450,000
• Year 3: $500,000
• Year 4: $550,000
• Year 5: $600,000

XYZ Corp's required rate of return is 10%.

Questions:

1. Calculate the Net Present Value (NPV) of the project.
2. Determine the Internal Rate of Return (IRR).
3. Discuss whether XYZ Corp should proceed with the project based on the NPV and IRR calculations.