Whema Ltd is interested in expanding its operations into Durban, South Africa and are looking to invest in offices there. The following information has been extracted from the reports relating to the project: Investment R1 500 000 Average annual profit R450 000 Life span 5 years Minimum required rate of return 15% Net Cash flows: 1st year 2nd year 3rd year 4th year R550 000 R600 000 R680 000 R700 000 R780 000 5th year Required: 1.1 Calculate the accounting rate of return. (Express the answer to two decimal places). (5) 1.2 Calculate the payback period (Answer in years, months and days). (5) 1.3 Calculate the net present value (Round off amounts to the nearest Rand). (8) 1,4 Would the project be acceptable at a cost of capital of 17%? Motivate your answer with an appropriate calculation. (7)