Casio Limited is considering investing in new machinery and the following information is available:

Investment	R300 000
Cost of capital	12%
Scrap value	0
Net profit
	R
Year 1	13 000
Year 2	10 000
Year 3	28 000
Year 4	37 000

3.1 Calculate the accounting rate of return. (Answer expressed to two decimal places) (5) 3.2 Calculate the payback period. (Answer in years, months and days) (5) 3.3 If a payback period of 4 years is required, will the project be accepted? Why? (2) 3.4 Calculate the net present value. (Amounts rounded off to the nearest Rand) (10) 3.5 Based on the NPV, would the project be accepted?

Answer to 3.1 is got is 21,73%

I cannot figure out 3.2 because i only have profits and not cash values, i cannot convert because i do not have the depreciation value to use.

( my main problem with this questions is that the information does not give the Depreciation value to be able to convert the Profits given into the Cash flow , and the 3.2 Says Calculate the Payback period and not Discounted payback period, does this mean that the 12% discounted is not taken into consideration here, and also still because i have profits and not the cash flow how can i go about these question? please assist