Apple Inc. is considering a project involving an initial cash outlay for an asset of $150,000. The asset is depreciated over five years at 15% per year (based on the value of the investment at the beginning of each year). The cash flows from the project are expected to be as follows:

Year	Inflow ($)	Outflow ($)
Year 1	60,000	20,000
Year 2	70,000	25,000
Year 3	85,000	30,000
Year 4	90,000	35,000
Year 5	80,000	25,000

a. What is the payback period?
 b. What is the internal rate of return (IRR)?
 c. Assuming a cost of capital of 12% and ignoring inflation, what is the net present value (NPV) of the cash flows?
 d. Should the project be accepted based on the NPV and IRR?