An initial investment of £600,000 is required for a project expected to yield the following cash flows over six years:

• Year 1: £120,000
• Year 2: £140,000
• Year 3: £160,000
• Year 4: £180,000
• Year 5: £200,000
• Year 6: £220,000

Depreciation is calculated on a straight-line basis, with no salvage value. The tax rate is 22%, and the cost of capital is 13%.

Requirements:

1. Calculate the annual depreciation expense.
2. Determine the Net Present Value (NPV).
3. Find the Internal Rate of Return (IRR).
4. Calculate the Modified Internal Rate of Return (MIRR).
5. Assess the project’s feasibility based on NPV and IRR.