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Task 1: (20 Marks) Fauji Cement is considering replacing the old machinery with new one. The Old machinery was purchased for PKR 200,000 and has a depreciable life of 2 years which can be sold for PKR 30,000. The old machinery will have no salvage value at the end of its useful life. The new machine will cost PKR 500,000 with additional installation charges of PKR 10,000. The machinery is expected to generate annual operating revenue of PKR 80,000 over its useful life of 4 years. Both machineries fall under three year property class (MACRS) for depreciation purposes. The new machinery is expected to have a salvage value of PKR 100,000 at the end of 4 years. The tax rate is 35%. Required: 1. Calculate initial Cash Outflow 2. Calculate Interim Incremental After Tax Cash Flows 3. Calculate Terminal After Tax Cash Flow 4. If your required rate of return is 15%, what will be the NPV of the project? Will you accept or reject and why? 5. Calculate Profitability Index of project