Using the Payback Method, IRR and NPV Grading Guide Foundations of Corporate FinanceIndividual Assignment: Using the Payback Method, IRR and NPVPurpose of AssignmentThe purpose of this assignment is to allow the student to calculate the project cash flow using net present value (NPV), internal rate of return (IRR) and the payback methods.Resources Required Corporate Finance Grading GuideContentMetPartially MetNot MetComments:Created a 350-word memo to management describing the use of internal rate of return (IRR), net present value (NPV) and the payback method in evaluating project cash flows. Described the advantages and disadvantages of each method. Calculated the following time value of money problems:If you want to accumulate $500,000 in 20 years, how much do you need to deposit today that pays an interest rate of 15%?What is the future value if you plan to invest $200,000 for 5 years and the interest rate is 5%?What is