b. The investment will cost $500,000. The projected inflows are: Year: 1 2 3 4 w N '000 300 140 20 100 i. Calculate the payback period 10 marks ii. Calculate the net present value using a discount rate of 10% 20 marks iii. If the net present value of the project is (1,000) using a discount rate of 10% will the internal rate of return be higher or lower than 10%? Explain how you reached your conclusion. 10 marks