A manufacturing company is evaluating a new project that requires an investment of $250 lakhs in machinery. The project is expected to generate the following earnings (before depreciation and taxes) over the next six years:

Year	Earnings (Rs. in lakhs)
1	80
2	90
3	100
4	110
5	120
6	130

The company faces a cost of raising additional capital at 10% and uses straight-line depreciation over the project's life. The machinery's scrap value at the end of six years is expected to be Rs. 20 lakhs. Assume no income tax applicable.

Requirements:

1. Calculate the net present value (NPV) of the project.
2. Determine the internal rate of return (IRR) of the project.
3. Compute the payback period.
4. Evaluate the profitability index of the project.
5. Advise whether the company should proceed with the project based on the NPV and IRR.