A project has an initial investment of Rs$\mathrm{.}2325000$ and protected cash flows of rs$\mathrm{.}650000$ for $5$ years. assume the discount rate to be $11$ percentage for year $1$ and thereafter increase by $1\%$ each year.

a$)$ Work out the NPV

b$)$ work out the discounted and undiscounted pay back period.

c$)$ Work out the BCR

d$)$ Should the project be approved $?$ Why $?$

Do all the calculations manually