VWX Enterprises is evaluating a potential project with an initial cost of $600,000. The project is expected to produce the following end-of-year cash flows:

• Year 1: $160,000
• Year 2: $150,000
• Year 3: $140,000
• Year 4: $130,000
• Year 5: $120,000

The project will be depreciated on a straight-line basis over 5 years, and the firm’s tax rate is 30%. Required:

1. Compute the Payback Period and ARR
2. Calculate NPV and PI using a 9% discount rate
3. Determine the IRR
4. Evaluate the impact of changing tax rates on the NPV