Horizon Dynamics is considering a project with the following financial forecast:

• Initial investment is R300,000 and the expected residual value is R20,000.

Year	Cashflows	Discount factor
Year 1	R70,000	0.909
Year 2	R90,000	0.826
Year 3	R110,000	0.751
Year 4	R60,000	0.683
Year 5	R40,000	0.621

The cost of capital is 8%. The cash flows are post-tax, with a depreciation charge of R15,000 per year. The tax rate is 25%.

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 Internal Rate of Return (IRR)