3. From the following data calculate (i) net present value, (ii) internal rate of return, and (iii) payback period for the following projects. Assume a required rate of return of 10 per cent and a 35 per cent tax rate. Assume straight-line depreciation for tax purpose, and that tax is calculated on book loss or profit on the sale of asset. Project M N R) initial cash outlay 100,000 140,000 Salvage value Nil 20,000 Earnings before depreciation and taxes Year 1 25,000 40,000 Year 2 25,000 40,000 Year 3 25,000 40,000 Year 4 25,000 40,000 Year 5 25,000 40,000 Expected life. 5 years 5 years