A company is evaluating a project that requires an initial investment of ₹500 lakhs in equipment. The project is expected to generate the following cash flows over the next five years:

Year	Cash Flow (₹ in lakhs)
1	200
2	220
3	240
4	260
5	280

The cost of capital is 14%, and the asset depreciates at 25% per annum on a straight-line basis. The scrap value at the end of the fifth year is ₹50 lakhs. The company is taxed at a rate of 30%.

Requirements:

1. Calculate the Net Present Value (NPV) of the project.
2. Determine the Internal Rate of Return (IRR).
3. Calculate the Payback Period.
4. Assess the accounting rate of return (ARR) based on the average investment.
5. Advise if the project should be accepted based on the NPV and IRR criteria.