An investment has the following cash flows: Year Cash Flow 0 (R 60 000) 1 R10 000 2 R12 000 3 R28 000 4 R20 000 5 R30 000 Required: 1.1 Calculate the Payback period. (5) 1.2 Calculate Net present value (NPV) at 12% cost of capital. (11) 1.3 Explain whether or not the investment should be accepted. Provide reasons for your decision. (3) 1.4 Evaluate the payback period method as a technique for investment appraisal. (6) NB: Use the following discount factors for the calculation of the NPV: Year Discount factor 1 0.893 2 0.797 3 0.712 4 0.636 5 0.567