Answer any FOUR questions in this section. Each whole question carries FIVE marks. Clearly show all your workings. 1. In its most recent year, HiFlyer Plcs return on capital was 50% on the reported invested capital of $2 billion. An analyst decides to treat Research and Development expenditure as capital expenditure and estimates the value of the research asset to be $1 billion. The Research and Development expenditure was $300 million and the amortisation of the research asset was