23. Zenith industries Ltd. are thinking of investing in a project costing `20 lakhs. The life of the project is five years and the estimated salvage value of the project is zero. Straight line method of charging depreciation is followed. The tax rate is 50%. The expected cash flows before tax are as follows:

Year 1 2 3 4 5 Estimated CBDT (` in lakhs) 4 6 8 8 10 You are required to determine the (i) Payback period; (ii) Average rate of return (iii) NPV at cost of capital of 10%, (iv) Benefit-cost ratio. [ICWA Final June 2000]