$2\mathrm{.}1$ Describe the rationale behind the Internal Rate of Return $($IRR$).2\mathrm{.}2$ Power Investments Ltd have just made an investment of R$550000$ in a new delivery vehicle. This vehicle will be used for deliveries and to generate revenues from such activities. Additional information: $-$ Expected useful life $-$ Salvage value $-$ Cost of Capital $-$ Tax rate $5$ years $($straight line depreciation$)$ R$5000010\backslash \%$ after tax $30\backslash \%$ Required: $2\mathrm{.}2\mathrm{.}1$ Calculate the payback period and the accounting rate of return. $2\mathrm{.}2\mathrm{.}2$ The company requires a payback period of no more than $3$ years and a return of at least $\backslash (30\backslash \%\backslash ).$ On the basis of these criteria, should this project be accepted or rejected. Discuss why I why not. $2\mathrm{.}2\mathrm{.}3$ Calculate the net present value of the above project and state whether the project should be accepted based on this method.