A project has an initial investment of Rs$.23,25,000$ and projected cash is flows of Rs$.6,50,000$ for $5$ years. Assume that the discount rate to be $11$ percent of year $1$ and thereafter increases by $1\%$ each year.

$(1)$ Work out the NPY

ii$)$ Work out the discounted and undiscounted Pay Back Period.

il Work out the BCR

in$)$ should the project be approved? why?

Do all the calculations manually.