Part B {Calculations}: {10 marks} ELL is considering a project that would require an initial investment of $300,000 and would have a useful life of 5 years. The annual cash receipts would be 5155.000 and the annual oash expenses would be 360.000. The salvage value of the assets used in the project would be $20,000. The company's tax rate is 30%. For tax purposes, the entire initial investment without any reduction for salvage value will be depreciated over 6 years. The company uses a discount rate of 10%. Required: Determine the {show workings}: a} net present value. {5 marks} b} payback period. {2 marks} c} accounting rate of return. {2 marks} d} Should the project be accepted? Why? {1 marks}