The expected gross profits from a $$65,000$ investment are $$12,000$ in year $1,$$$15,000$ in each of years $2$ through $5,$ and $56,000$ in each of years $6$ through $8.$ The project also requires additional capital expenditures of $$8,000$ in year $2$ and $$9,000$ in year $4$ and is projected to have a residual value of $$2,000$ at the end of year $8.$

Calculate the NPV$,$ IRR, and payback period $($to the nearest month$)$ of this investment. should the project proceed if the required rate of return is $12\%?$ Should the project proceed if the payback rule is $4$ years? $(15$ marks$)$

$1$:$45PM$