Bambino Ltd$,$ a United Kingdom $($UK$)$ multinational enterprise, is contemplating making a foreign capital expenditure in South Africa. The initial cost of the project is ZAR$50$ million. The annual cash flows over the five$-$year economic life of the project are estimated to be ZAR$13$ million, ZAR$18$ million, ZAR$25$ million, ZAR$10$ million and ZAR$9$ million, respectively. The parent firm's cost of capital in pounds is $7\mathrm{.}5$ per cent. Long$-$run inflation is forecasted to be $4$ percent per annum in the UK and $12$ percent in South Africa. The current spot foreign exchange rate is ZAR$/=15\mathrm{.}56.$ Determine the NPV for the project in $$ by $($a$)$ calculating the NPV in ZAR using the ZAR equivalent cost of capital according to the Fisher Effect and then converting to $$ at the current spot rate $615($b$)$ converting all cash flows from ZAR to $$ at Purchasing Power Parity forecasted exchang rates and then calculating the NPV at the pound cost of capital $[14]($c$)$ What is the NPV in pound if the actual pattern of ZAR$/$ exchange rates are S$(0)=15\mathrm{.}56,$S$(1)=14\mathrm{.}56,$S$(2)=16\mathrm{.}72,$S$(3)=15\mathrm{.}78,$S$(4)=16\mathrm{.}54,$ and S$(5)=16\mathrm{.}32?$ Justify the difference

Please include all calculation as the previous tutor was not clear