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[25] QUESTION ONE The following project is being considered by the management of Pepi Industries Ltd: Cost of project R320 000 Expected economic life 5 years Depreciation method Straight-line 14% Cost of capital Details of the after tax net profit and cash flows are as follows: Year Net profit Cash flows Rand Rand 1 2 000 66 000 2 6 000 70 000 3 40 000 104 000 4 116 000 180 000 5 16 000 80 000 Required: 1.1 Calculate the returns the project would earn, using the following investment appraisal techniques: 1.1.1 Accounting rate of return (two decimal places) (5) 1.1.2 Payback period (years, months and days). (6) 1.1.3 Net present value (round off amounts to the nearest Rand). 1.2 Explain whether the payback period would be accepted if the current cut off period is 4 years 1.3 Explain whether the project will be accepted on the basis of the net present value. (8) (3) (3)