Mahi Singh LTD is considering an investment of R50 000. The corporation expects to get after tax cash inflows of R16 000 per year for the first five years, and R7 500 for the last three years of the project. Straight line depreciation is charged for the entire useful life of the project. The required rate of return is 8 percent for this project. Required :

a. Payback period

b. NPV