ABC Ltd is considering to invest in a project that costs Rs 700000. Tax rate is 50%. the company uses straight line method of depreciation and proposed project has profit before depreciation and tax as follows:

Year factor at 10% and tax Profit before depreciation

1. 0.909 120000

2. 0.826 140000

3. 0.751 200000

4. 0.683 250000

5. 0.621 300000

Calculate the net present value at 10% and payback period