DEF Ltd. is considering investing Rs. 1,000 lakhs in a project. The expected annual revenues and expenses before depreciation and taxes for the next five years are:

Year	Revenues (Rs. in lakhs)	Expenses (Rs. in lakhs)
1	400	150
2	420	160
3	440	170
4	460	180
5	480	190

The project will be depreciated using the straight-line method over five years. The cost of capital is 13%, and the tax rate is 24%. The scrap value at the end of the project is Rs. 100 lakhs.

Requirements:

1. Compute the annual depreciation.
2. Determine the taxable income for each year.
3. Calculate the tax payable and after-tax earnings.
4. Determine the annual cash flows.
5. Calculate the NPV and IRR of the project.