GHI Enterprises is contemplating an investment in a project requiring an initial outlay of Rs. 4,50,000. The project life is estimated at 5 years. The annual profits after depreciation but before tax are as follows:

• Year 1: Rs. 90,000
• Year 2: Rs. 1,20,000
• Year 3: Rs. 1,10,000
• Year 4: Rs. 1,50,000
• Year 5: Rs. 1,70,000

The project is depreciated using the straight-line method. The applicable tax rate is 28%.

Required:

1. Compute the Payback Period.
2. Calculate the Average Rate of Return.
3. Determine the Net Present Value (NPV) at a discount rate of 9%.
4. Find the Internal Rate of Return (IRR).
5. Evaluate whether the project should be undertaken based on financial metrics.