(a) Fill in the missing figures in the table below.

(cash flows in RM)

Year	0	1	2	3	4
No. of units		12000	12000	15000	15000
Price/unit		20	22	25	30
Variable cost /unit		12	13	14	17
Sales		240,000	264,000	?	?
Variable costs		144,000	156,000	?	?
Fixed costs		50,000	50,000	50,000	50,000
Taxable CF		46,000	58,000	?	?
Tax (25%)		(11,500)	(14,500)	(28,750)	?
Working capital	(80,000)				?
Initial outlay	(150,000)
After-tax salvage value					22,500
Net cash flow	(230,000)	34,500	43,500	86,250	211,250

(4 marks)

(b) Assume a discount rate of 14%, calculate the

(i) Net present value (NPV) of the project above.

(ii) Internal rate of return (IRR) of the project above.

(4 marks)

(c) Explain the meaning of zero NPV from the perspective of discount rate? (2 marks)