Tandon manufacturing is considering an investment in a numerically controlled machine to save on manufacturing costs. The cost of the machine can be fully dpreciated without consideration of any salvage value at the end of the useful life. At the end of the fourth year, the firm would need to spend an additional amount to update some hardware and the entire amount of expenditure to update the hardware is tax deductible in the same year as operating expense. You have been provided with the following data:Cost of the numerically controlled machine$340,000The useful life of the machine6The salvage value of the machine at the end of the useful life$20,000Annual cost savings for the first four years$90,000Annual cost savings for the next two years$50,000Investment required to update hardware in the fourth year$70,000The company's required rate of return8%Company's income tax rate30%The machine is depreciated for income tax purposes based on a five year life using straightline depreciation method.Required:a) Calculate the NPV of the project.b) Calculatge the IRR of the projectc) Calculate the payback period (NOT discounted payback period)d) Calculate the Accrual Accounting Rate of Return assuming that the depreciation scheme is the same as for tax reporting. Use the gross investment in the denominator to calculate the AARR.