Blue Ocean Tech plans to invest in a new project with these financial details:

• Initial investment is R450,000 and the residual value is R30,000.

Year	Cashflows	Discount factor
Year 1	R80,000	0.909
Year 2	R140,000	0.826
Year 3	R120,000	0.751
Year 4	R90,000	0.683
Year 5	R60,000	0.621

The cost of capital is 9%. The cash flows are after tax, with a depreciation charge of R22,000 per year. The tax rate is 27%.

Required:

1. Calculate each of the following: 1.1 Accounting Rate of Return 1.2 Payback period 1.3 Net Present Value (NPV) 1.4 Modified Internal Rate of Return (MIRR)