Question 04: Philly has been offered a music store franchise fora fee of $400,000. The franchise would have a life of 5 years at which its value would be nil. Budgeted Operating information is as follows: \"mm The minimum after tax rate of return is 10%. The tax rate is 27.5% of net income. Required: Calculate the following: (a) Payback Period (b) Accounting Rate of Return (Initial Investment) (c) NPV of the project (d) Compare short 8: long term financial outcomes and projections with estimated Cash Flows from the franchise and recommend if the project should be accepted