A company plans to undertake a new project requiring an initial investment of Rs. 500 lakhs. The expected annual earnings before depreciation and taxes for the next four years are as follows:

• Year 1: Rs. 150 lakhs
• Year 2: Rs. 180 lakhs
• Year 3: Rs. 200 lakhs
• Year 4: Rs. 220 lakhs

The machinery will be depreciated on a straight-line basis over the project's life. The company's cost of capital is 14%, and the tax rate is 28%. The residual value at the end of the project is Rs. 80 lakhs.

Requirements:

1. Compute the annual depreciation.
2. Calculate the net profit after tax for each year.
3. Determine the annual cash flow.
4. Calculate the project's NPV.
5. Determine the IRR of the project.