A software development firm is considering an investment of Rs. 600 lakhs in a new product line. The project is expected to generate the following cash flows over the next five years:

Year	Cash Flow (Rs. in lakhs)
1	150
2	160
3	170
4	180
5	190

The company's cost of capital is 11%, and the product line will be depreciated on a straight-line basis over the project's life. The salvage value at the end of five years is estimated to be Rs. 30 lakhs. Assume no income tax.

Requirements:

1. Calculate the net present value (NPV) of the project.
2. Determine the internal rate of return (IRR) of the project.
3. Compute the payback period.
4. Evaluate the profitability index of the project.
5. Advise whether the firm should proceed with the investment based on the NPV and IRR.