Silverline Services Ltd is considering a new project with the following forecasted details:

• Initial investment is R550,000 and the expected residual value is R20,000.

Year	Cashflows	Discount factor
Year 1	R110,000	0.909
Year 2	R130,000	0.826
Year 3	R100,000	0.751
Year 4	R90,000	0.683
Year 5	R70,000	0.621

Assuming a cost of capital of 11%. The cash flows are after tax, with depreciation at R28,000 annually. The tax rate is 29%.

Required:

1. Calculate each of the following: 1.1 Accounting Rate of Return 1.2 Payback period 1.3 Net Present Value (NPV) 1.4 Discounted Payback period